Replacement

Full Definition

Replacement involves swapping out failed, worn, or obsolete components or equipment with new ones. Replacements may be reactive (after failure) or planned (based on age, condition, or efficiency). Capital replacement programs help organizations budget for major equipment replacements like HVAC units, roofing, or elevators. Component replacements (motors, pumps, valves) are often part of preventive or corrective maintenance. Factors influencing replacement decisions include repair costs, equipment age, energy efficiency, parts availability, and reliability. Proper documentation of replacements helps track asset history and supports future planning.