Component part standardization: A way to reduce the life-cycle costs of products

Abstract

This paper studies the effects of component part standardization on life-cycle costs. Three possible situations for component standardization are discussed. A summary is presented of various costs in different phases of the product life cycle and how they are shared among the manufacturer, user, and society. Then, we explain how the component standardization reduces the costs of different phases of the product life cycle. Finally, we point out some of the possible disadvantages of component standardization.