System and method for analyzing different scenarios for operating and designing equipment

The present invention relates generally to quantifying the relative benefits of different scenarios of operating and designing an equipment module and, more particularly, to systems and methods for quantifying the relative benefits of designing and operating an equipment module in accordance with an "operate to failure approach," a "prognostic approach," and a "maintenance approach," as well as quantifying the benefits of varying other aspects relevant to the operation and design of the equipment module. An equipment module is analyzed through the use of an array of failure probability values. The array of failure probability values provides an indication of the probability that the equipment module will fail at a plurality of different times. A cost of operating the equipment module is determined by calculating the cost of operating the equipment module at each of the different times using the array of failure probability values, so that the cost calculated at each of the different times is proportional to the probability that the equipment module will fail at the respective time. The cost of operating the equipment module at each of the different times can include a recurring cost value and a non-recurring cost value. An additional probability can be utilized when calculating the cost of operating the equipment module. A maintenance time can be determined, and the costs are calculated in view of maintenance performed at the maintenance time. Different first and second, or first second, third and fourth, scenarios of operating the equipment module can be specified and compared. The present invention advantageously facilitates the selection between numerous scenarios for designing and operating an equipment module by quantifying the relative benefits of the scenarios.