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In the highly competitive business environment, manufacturing organizations are seeking new strategies to improve the quality of product reduce product cost, eliminate loss producing events and reduce wastage arising out of manufacturing system, and the cited subjects are aggressively discussed in the present days. Processing equipments are playing important role in achieving the high quality product and productivity in manufacturing organizations. The equipment failures may occur on various accounts during the manufacturing process. The cost of special and sophisticated manufacturing equipment are high and their idle time or down time becomes more expensive.
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