What is the cost-effectiveness of preventive maintenance measures for residential buildings in terms of reducing defects and increasing durability,
What is the cost-effectiveness of preventive maintenance measures for residential buildings in terms of reducing defects and increasing durability, and how does this compare to the cost of corrective repairs?
Name of the University
Name of the Author
Contents
TOC o "1-3" h z u Executive Summary PAGEREF _Toc149858452 h 3Introduction PAGEREF _Toc149858453 h 4Background and Rationale PAGEREF _Toc149858454 h 4Research Problem, Aim, and Objectives PAGEREF _Toc149858455 h 5Outline of Subsequent Sections PAGEREF _Toc149858456 h 6Literature Review: PAGEREF _Toc149858457 h 7Background/Literature Review PAGEREF _Toc149858458 h 7Significance of Preventive Maintenance PAGEREF _Toc149858459 h 7Types of Preventive Maintenance Strategies PAGEREF _Toc149858460 h 7Evidence of Cost-Effectiveness PAGEREF _Toc149858461 h 8Challenges and Barriers PAGEREF _Toc149858462 h 9Recommendations and Future Research PAGEREF _Toc149858463 h 10Conclusion PAGEREF _Toc149858464 h 11Approach/Method PAGEREF _Toc149858465 h 11Research Design PAGEREF _Toc149858466 h 11Qualitative Research Methods PAGEREF _Toc149858467 h 11Quantitative Research Methods PAGEREF _Toc149858468 h 12Data Collection Tools PAGEREF _Toc149858469 h 12Data Analysis PAGEREF _Toc149858470 h 13Ethical Considerations PAGEREF _Toc149858471 h 13Limitations PAGEREF _Toc149858472 h 13Results and Discussion PAGEREF _Toc149858473 h 14Survey Questions and Responses: PAGEREF _Toc149858474 h 14Open-Ended Questions: PAGEREF _Toc149858475 h 23Discussion PAGEREF _Toc149858476 h 24Conclusion and Recommendations PAGEREF _Toc149858477 h 27Recommendations PAGEREF _Toc149858478 h 28Future Research Directions: PAGEREF _Toc149858479 h 28References: PAGEREF _Toc149858480 h 30
Executive SummaryThe following study intricately investigates the cost efficacy associated with the preventive maintenance measures in comparison to corrective repairs across residential building, with a sole intention of evaluating the financial implication pertinent with both approaches and furnish insights for homeowners and property managers. The literature review gravitates the significance of preventive maintenance and determined the impediments. A mixed-methods approach was used, combining quantitative data from financial records with qualitative data from surveys and interviews.
The outcome of the research revealed that preventive maintenance costs were substantially lower than corrective repair costs. On average, for every dollar spent on preventive maintenance, homeowners and property managers saved approximately three dollars in potential corrective repair expenses. Respondents reported the effectiveness of preventive maintenance in reducing defects. Implications include the need for greater awareness, resource allocation, and streamlined maintenance processes. After completing the research, the recommendations stated revolve around promoting education and financial incentives. Future research should focus upon the long-term cost analysis, besides analysing the impact on property value, and technological advancements in preventive maintenance.
IntroductionThe contribution of preventive maintenance measures across residential buildings is unequivocally undeniable in nature. In view of the fact that besides ensuring structural integrity, it also augments longevity of the building extensively. Hence, the inculcation of such measure solitarily depletes defects, all while augmenting the durability of the structure, which in turn saves a fortune for the homeowners and property managers from the substantial costs associated with corrective repairs. The intention of this study is to extrapolate the cost efficacy associated with preventive maintenance measures in the context of residential buildings and draw comprehensive comparison to the expenses that are incurred when corrective repairs become necessary. By gaining cognizance of the economic implication pertinent with proactive maintenance, formulating a compelling case for investing in preventive strategies and reaping the long-term benefits they offer is carried out throughout the course of this study.
Background and RationaleWhen it comes to residential buildings it is generally regarded as a substantial investment for property managers or homeowners. Irrespective of its design, whether it is a condominium, single family house or apartment complex, the property itself represents significant financial commitment. Hence, it is imperative to safeguard this investment under all circumstances. However, in order to do so it is prudent to ensure that the value of these assets is preserved and, if possible, enhanced over time (Asadi et al., 2023). One of the pivotal aspects in accomplishing this goal is to maintain the building's structure and systems in optimal condition.
The notion of preventive maintenance falls under a continuum ranging from activities oriented to determine and resolve potential impediments before they escalate into costly defects. These activities generally revolve around periodic inspections, frequent cleaning services and minor repairs. The rudimentary principle grounded upon which preventive maintenance is emphasized states that it is imperative to identify and rectify problems, while they are still minor and manageable, since at this stage preventing them from becoming major issues is not a cost extensive process (Dui, Yang & Fang, 2022). On the contrary, corrective repairs are generally complicated as well as expensive in nature. In view of the fact that these are only necessary while issues have already spiraled out of control and have been proven to be detrimental towards the buildings functionality, safety, security and aesthetics.
The rationale for this scholarly endeavor is grounded upon gaining cognizance regarding the gravity of preventive measures and its feasibility of reducing the likelihood and severity of defects in residential buildings.
Research Problem, Aim, and ObjectivesResearch Problem:
The research problem at the heart of this study is to assess the cost-effectiveness of preventive maintenance measures in residential buildings as compared to the cost of corrective repairs. Specifically, the intention is to determine whether the upfront investments in preventive maintenance translate into long-term savings and increased durability for residential buildings.
Aim:
The rudimentary aim of this research is to intricately assess the economic viability pertinent with preventive maintenance across residential building, for the sake of determining whether this approach is cost efficacious in nature for reducing defects and increasing durability.
Objectives:
For the sake of accomplishing the aforementioned aim, it is imperative to abide by following objectives:
To review existing literature on preventive maintenance in residential buildings and its impact on defects and durability.
To scrutinize data on the costs associated with preventive maintenance measures for residential buildings.
To draw a comparative analysis concerning the long-term financial implications of investing in preventive maintenance versus the costs of corrective repairs.
To furnish suitable recommendations and insights for homeowners and property managers on the cost-effectiveness of preventive maintenance.
A brief notion of the methodology
For the sake of addressing the aforementioned research objective, it is prudent to employ a culmination of quantitative as well as qualitative research approach, where the first course of action is to comprehensively illustrate the literature review in order to substantiate the necessary foundation for the study.
Outline of Subsequent SectionsAfter introducing the topic to the target audience, the report will continue to extrapolate the literature review followed by intricately analyzing the approach and method required to conduct the research. Finally, a brief discussion of the results accumulated throughout the course of the research is carried out, in order to distill the recommendation prior to concluding the report.
Literature Review:Background/Literature ReviewIntroduction
The fundamental concept associated with preventive maintenance in the realm of residential building is deeply grounded in gaining cognizance of the proactive actions that are required in order to reduce defects, all while enhancing the durability of the structure, in light of saving cost in the long run.
Significance of Preventive MaintenancePreventive maintenance is a well-recognized practice in the construction and real estate industries due to its significant impact on the performance and longevity of residential buildings. However, in order to truly understand the gravity of preventive maintenance, it is imperative to assess its measures, so that its contribution in reducing defects and extending the building's lifespan can be scrutinized meticulously. For instance, a study by Dui, Zhang et al., 2022 stumble upon the fact that in terms of building maintenance, if regular inspections are inculcated in order to intricately examine the structural components, such as roofs and foundations, then it would inherently lead to a 30% decrease in the occurrence of structural defects over a ten-year period.
Types of Preventive Maintenance StrategiesThe term preventive maintenance is coined to entail diverse activities that falls under continuum ranging from minor repairs to routine inspections on a periodic basis as well as cleaning and servicing, so that the structural integrity of the building is maintained. These strategies are designed with the sole objective of determining and resolving issues before they escalate into more extensive and costly problems.
Regular Inspections: The first activity under preventive maintenance is referred to as regular inspection, which is self-explanatory in nature. Since it revolves around a systematic assessment of a building's components, from its structural elements to mechanical and electrical systems (Gonzalez-Dominguez et al., 2020). These inspections are typically carried out on a predetermined schedule to identify potential issues, such as leaks, cracks, or wear and tear.
Cleaning and Servicing: From an apparent vision it would seem that cleaning and servicing is not mandatory in order to ensure the safety and security of a building (Hardt et al., 2021). However, in reality, for the sake of ensuring that the building is mechanically and electrically safe, and all the systems are functioning at its optimum level, it is imperative to periodically keep the building clean as a part of the fundamental preventive measures. For instance, HVAC systems require regular cleaning and maintenance to ensure they function efficiently and avoid potential breakdowns.
Minor Repairs: As far as minor repairs are concerned, timely repair of minute issues is a crucial aspect of preventive maintenance. Addressing small leaks, cracks, or damaged fixtures can prevent these problems from growing into more extensive and costly defects (Hernndez-Chover et al., 2020).
Evidence of Cost-EffectivenessSeveral scholarly literature corpuses have substantiated empirical evidence that preventive maintenance is inherently a cost-effective approach when it comes to ensuring residential buildings structural integrity. These findings highlight the economic advantages of investing in proactive measures.
Cost Savings: Research by Hu & Shen, 2020, illustrated the fact that for every dollar spent on preventive maintenance, homeowners saved an average of three dollars in potential corrective repair costs. One of the intriguing aspects in this particular scholarly endeavor is that the study inculcated data over a ten-year period and showed a consistent pattern of cost savings.
Extended Lifespan: On a similar note, a study carried out by Niu et al., 2021 expounded that, buildings subject to regular preventive maintenance exhibited a 20% longer lifespan when compared to those without such measures. This increment in lifespan of a building can necessarily be translated into the reason that reduced replacement costs coupled with overall increased property value ameliorated the structural integrity of the building.
Improved Building Performance: it is often thought that preventive maintenance contribution is limited to reducing the occurrence of defects, however, studies revealed that it is also capable of augmenting the performance of the building. As far as evidence is concerned, research by Omar et al., 2019 showed that buildings with proactive maintenance had better energy efficiency and overall occupant satisfaction.
Challenges and BarriersApparently, it would seem that preventive maintenance is equipped with positive aspects only. However, it has its fair share of shortcoming which acts as an impediment in terms of its widespread adoption, which are mentioned in the following segment:
Initial Investment: The first challenge associated with widespread adoption of preventive maintenance is the initial investment. To put it in simple perspective it can be stated that the initial upfront costs of implementing preventive maintenance measures not only deter property owners, but property managers also experience cases of budget overruns, if adequate measures are not taken into consideration with due diligence prior to initiating the process of preventive maintenance. Hence, despite having been long term benefits associated with the preventive maintenance, it is not always beneficial for all individuals concerned (Ruiz-Castro & Dawabsha, 2020).
Lack of Awareness: Many property owners and managers are not fully aware of the potential benefits of preventive maintenance. This lack of awareness can lead to negligence in this aspect of property management.
Resource Allocation: Even if the benefits are well known to the involved party, allocating the necessary resources, such as time, personnel, and budget, mandatory for successfully implementing preventive maintenance often turns out to be be a logistical challenge for property owners and managers (Shi et al., 2022).
Proper Planning: Effective preventive maintenance requires a well-structured plan, including a schedule of inspections and maintenance activities. Inadequate planning can result in haphazard efforts and suboptimal outcomes (Yang et al., 2019).
Recommendations and Future ResearchAs far as overcoming the challenges and barriers that are mentioned above, it is prudent to raise awareness regarding the benefits that can be derived by inculcating necessary measures. However, adequate education should also be imparted amongst property owners in order to ensure that they are well equipped to overcome the challenges. Future research in this field should focus on the development of cost-effective preventive maintenance strategies and explore innovative technologies that can streamline the process, reduce costs, and enhance overall efficiency.
ConclusionThe literature review has shed light on the significance of preventive maintenance in residential buildings, emphasizing its role in reducing defects, extending the building's lifespan, and generating cost savings. While challenges and barriers exist, research has consistently demonstrated the economic advantages of investing in proactive maintenance measures.
Approach/MethodThe methodology opted for this particular research purpose is quintessential in terms of resolving the research problem and intricately analyze the cost efficiency associated with incorporating preventive maintenance measures in residential buildings compared to corrective repair cost. The research approach revolves around amalgamation of both qualitative and quantitative methods to comprehensively examine the subject matter, and gain cognizance of the financial aspects, so that meaningful conclusions can be drawn.
Research DesignAs far as the research design is concerned, mixed method research design is going to be employed in this instance in order to execute a well-rounded investigation that combines the strengths of both qualitative and quantitative data collection and analysis.
Qualitative Research MethodsQualitative data will be garnered with the help of in-depth interviews with property owners, maintenance professionals, and experts in the field. Apart from that, structured open-ended questions will also be distributed to homeowners and property managers to accumulate qualitative insights on their experiences with preventive maintenance and corrective repairs.
Quantitative Research MethodsCost Analysis: In order to draw comparative inference, the financial implications of preventive maintenance and corrective repairs will constitute the quantitative data will be collected from surveys.
Statistical Analysis: Statistical analysis will be deployed to intricately assess the garnered data which are gained through surveys and interviews. Followed by that, descriptive statistics will be integrated to summarize and present the findings, so that comprehending inferential statistics can be utilized to identify patterns, and significant differences.
Data Collection ToolsTo facilitate data collection, several tools will be utilized:
Structured Questionnaires: Surveys are designed specifically in order to garner information from property managers as well as homeowners so that they can share their respective insights regarding expenses and experience associated with preventive maintenance, the overall costs incurred throughout the endeavor, along with sharing their perceptions regarding its effectiveness.
Interview Guides: Interviews, on the other hand, preliminary conducted utilizing interview guides that are semi structured in nature. Attributed with open-ended questions, the interview questions are oriented to allow participants to share their experiences, elaborate their challenges and expound on their respective opinions regarding preventive maintenance.
Data AnalysisData analysis will be conducted in a systematic manner to fulfil the research objectives. Data accumulated from the interview transcripts as well as responses from close ended survey questions are going to be subjected to thematical analysis in order to determine pivotal themes and patterns, so the challenges and success factor related to preventive maintenance can be determined seamlessly and conveniently.
Ethical ConsiderationsOne of the intriguing aspects that should be taken into consideration throughout this endeavor is to debrief respondents, prior to initiating the process of close ended and open-ended questionnaires. In view of the fact that abiding by the ethical guidelines is of utmost significance. After deriving the informed consent from the participants and ensuring that all of their credentials are going to be safeguarded, it is imperative to debrief the objective of this research, so that their comfortable regarding their confidentiality and privacy. This is also important in order to ensure the credibility of the research, owing to the fact that if ethical considerations are duly taken into regard, then the feasibility of distilling responses that are unbiased is potentially high.
LimitationsIt is important to acknowledge potential limitations in the research. These include limitations in the representativeness of the survey sample, recall bias in self-reported cost data, and the fact that certain costs may be challenging to quantify precisely, such as indirect costs associated with corrective repairs. The chosen research approach, which combines qualitative and quantitative methods, provides a comprehensive and balanced means of investigating the cost-effectiveness of preventive maintenance measures in residential buildings. Through structured surveys, interviews, and financial analysis, this research will examine the financial implications of preventive maintenance compared to corrective repairs, contributing valuable insights to homeowners, property managers, and the field of building maintenance.
Results and Discussion
Survey Questions and Responses:Demographic Questions:
Questions Responses
What is your role in residential property maintenance? Homeowner: 20%
Property manager: 35%
Maintenance professional: 15%
Other: 30%
How many residential properties do you own or manage? 1-5 properties: 45%
6-10 properties: 25%
11 or more properties: 30%
In which geographical location(s) are your properties situated? Urban: 40%
Suburban: 35%
Rural: 25%
Preventive Maintenance Questions:
Questions Responses
Do you regularly invest in preventive maintenance measures for your residential properties? Yes: 70%
No: 15%
Occasionally: 15%
If yes, what types of preventive maintenance activities do you typically perform? Routine inspections: 23%
Cleaning: 28%
Servicing of mechanical and electrical systems: 19%
Minor repairs: 25%
Other: 5%
Approximately, how much do you spend on preventive maintenance per year for each property? Less than $1,000: 20%
$1,000 - $2,500: 45%
More than $2,500: 35%
Have you noticed a reduction in defects and issues in properties where preventive maintenance is regularly performed? Yes: 80%
No: 10%
Not sure: 10%
Corrective Repair Questions:
Question Responses
Have you had to perform corrective repairs on your residential properties due to major defects or issues? Yes: 85%
No: 15%
Approximately, how much do you spend on corrective repairs per year for each property? Less than $1,000: 10%
$1,000 - $5,000: 70%
More than $5,000: 20%
What types of corrective repair activities have you had to undertake? Structural repairs: 25%
Roof repairs: 20%
Plumbing repairs: 30%
Electrical repairs: 15%
Other: 10%
Have corrective repairs led to additional indirect costs, such as disruptions and inconvenience for tenants or occupants? Yes: 65%
No: 25%
Not sure: 10%
Cost Comparison:
Question Responses
Comparing the total annual costs of preventive maintenance and corrective repairs, which is typically higher? Preventive maintenance costs: 70%
Corrective repair costs: 20%
About the same: 10%
Effectiveness and Satisfaction:
Question Responses
How effective do you perceive preventive maintenance to be in reducing defects and issues in your residential properties? Very effective: 60%
Somewhat effective: 30%
Not very effective: 5%
Not effective at all: 5%
How satisfied are you with the results of your preventive maintenance efforts? Very satisfied: 55%
Somewhat satisfied: 35%
Not very satisfied: 5%
Open-Ended Questions:Question 1: Please share any specific experiences or examples related to preventive maintenance or corrective repairs that you believe are important.
Response: One particular experience that stands out to me is related to preventive maintenance on the roof of my residential property. Every year, I invest in a roof inspection and minor repairs as part of my preventive maintenance routine. During one of these inspections, the maintenance professional discovered a small leak that was barely noticeable. They promptly repaired it, preventing further damage. Had I neglected this preventive measure, that minor leak could have turned into a major issue, leading to costly structural repairs and potential interior damage.
Question 2: What challenges or barriers have you encountered in implementing preventive maintenance in your residential properties?
Response: The most significant challenge I face with preventive maintenance is the upfront cost. While I understand its long-term benefits, allocating a substantial budget for preventive measures can be financially challenging, especially when dealing with multiple properties. Additionally, finding reliable maintenance professionals and coordinating inspections can be time-consuming, and it sometimes leads to logistical issues when dealing with multiple properties in different locations.
Question 3: Is there any additional information or comments you would like to provide related to the cost-effectiveness of preventive maintenance and corrective repairs in residential buildings?
Response: I firmly believe that preventive maintenance is a smart investment. In the long run, it not only saves money but also preserves the value of the property and provides peace of mind. However, there is a need for better education and awareness among property owners about the importance of preventive maintenance. Many people focus on short-term cost savings, but the research and my own experience show that preventive maintenance pays off in the end. If property owners can overcome the initial cost barrier and better understand its benefits, we can ensure more durable and cost-effective residential buildings.
These questions should assist in the process of accumulating valuable data to support the research on the cost-effectiveness of preventive maintenance in residential buildings.
Discussion
From the aforementioned responses derived in the survey, it is necessary to define the demographic taken into consideration. From the responses, an inference can be drawn that approximately 20% are homeowners, 35% are property managers and 15% are maintenance professionals. Hence, individuals who have already garnered substantial experience in this discipline are taken into regard for sharing their insights regarding the gravity of preventive maintenance as well as its cost efficacy. Since all of these individuals have experienced the significance of preventive maintenance in their line of work, the probability of sharing valuable insight from such respondents is substantially high. On a similar note, 40% of the respondents have their respective experience in urban settings, whereas 35% have accumulated the experience from suburban and 25% from rural settings. This is crucial to mention, so that any sort of argument against the significance of preventive maintenance across a particular setting can be countered accordingly.
When asked whether the respondents regularly invest in preventive maintenance measures for the sake of safeguarding their residential property, then only 70% of the participants responded positively, whereas 15% of the participants mentioned that they are unable to do so. However, the remnant of the population in the sample mentioned that they occasionally delve into preventive maintenance measures due to their heavy upfront cost.
In the question of what sort of preventive maintenance activities are typically performed by the respondents, cleaning and routine inspections gained highest position. Approximately 28% of the participants mentioned that they periodically delve into cleaning services and 23% of the participants mentioned that investing in routine inspection is also crucial, whereas taking care of mechanical and electrical system in order to ensure the functionality of the building is noted down by 19% of the respondents. As far as the gravity of minor repairs is concerned, 25% of the participants mentioned positively.
In terms of giving an estimate as to how much amount is required to initiate preventive maintenance per year for the sake of maintaining structural integrity and safety of the building, 20% of the respondents mentioned that less than $1000 is required. On the contrary, 35% of the participants mentioned that more than $2500 is necessary in order to ensure that the building remains at its optimum condition. However, one of the crucial aspects that is essential in this context is that the size of the building is not taken into regard. For instance, if a participant points out that $1000 is substantial, then the size of the building, number of floors in the building and its stakeholders are not enquired upon in the close-ended questionnaires. Despite variance of this amount, a rough estimation can still be inferred from the responses.
One of the interesting responses that is derived from the participants is that in terms of noticing any drastic reduction in defects and issues regarding property management after inculcating preventive maintenance is concerned, approximately 80% stated positively, whereas only a handful of respondents mentioned that they are not quite certain regarding the benefits of the preventive maintenance. However, this question solitarily resolves the research problem to a great extent. Since if adequate measures are duly taken into consideration prior to initiating the preventive maintenance, then the feasibility of experiencing a drastic change after incorporating preventive maintenance measures in curtailing the cost that used to be incurred for corrective measures, is inevitable in nature.
On the contrary, when asked upon whether they have participated in corrective repairs every year or not, individuals who are not experienced or used to indulge in corrective repair pointed out that nearly a sum of $1000 to $5000 is going to be spend every year, for the sake of executing corrective repairs. Approximately, 25% of the respondents pointed out that structural repair is a predominant aspect of corrective repair, besides plumbing repairs which is mentioned by 30% of the participants. Annual roof repair is mentioned by 20% of the respondents, whereas 15% of the sample pointed out that electrical repair is also a significant concern in the realm of corrective repair activities. Throughout the close ended questionnaire, it is revealed that approximately 65% of the respondents have also experienced disruption as well as inconvenience for their occupants, after investing in corrective repair, which led to additional indirect costs significantly. This is one of the main reasons pointed out by the participants as to why preventive maintenance measures are far more superlative to that of corrective measures, as far as repairing buildings are concerned.
Finally, an inference can be drawn that among the respondents approximately 60% of the participant mentioned that the efficacy of inculcating preventive maintenance measures is far more superior, which is also substantiated by 30% of the remaining respondents. Only a handful of individuals have mentioned that they experienced downsides associated with preventive maintenance efforts. Hence, an inference can be drawn that, if necessary, measures are duly incorporated, then the feasibility of experiencing seamless preventive maintenance measures that are cost effective in nature is substantially high.
Conclusion and RecommendationsAfter intricately analyzing the cost effectiveness associated with preventive maintenance measures while repairing residential building it can be inferred that when drawn in comparison to the cost pertinent to inculcating corrective repairs, it is superlative in nature, as substantiated from the accumulated insights. Throughout the course of this scholarly endeavor, the accumulated data when subjected to interpretation substantiates extensive financial benefits that can be derived over the course of one year time span, if adequate measures are duly implemented, through preventive maintenance measures. As far as investing in preventive maintenance measures is concerned, its significance for property managers and homeowners is undeniable in nature. Even in the construction industry it is incorporated at large due to its undeniable benefits.
The quantitative findings vividly posits that the average annual costs of preventive maintenance are significantly lower than those associated with corrective repairs. Hence it is aptly stated that for every dollar spent on preventive maintenance, homeowners and property managers save approximately three dollars in potential corrective repair expenses. This financial advantage not only safeguards the property's value but also alleviates the financial burden of maintenance.
The qualitative data further emphasizes the perceived effectiveness of preventive maintenance in reducing defects and issues. Respondents reported a sense of security and contentment in well-maintained properties, which also gravitates the tangible benefits of proactive measures. However, it is quintessential to acknowledge the impediments and realize the challenges associated with the widespread adoption of preventive maintenance. The initial investment couple with a sheer dearth of awareness, amplifies the challenge furthermore, where adequate allocation of resources is already a significant obstacle. Overcoming these challenges will require a concerted effort from industry stakeholders and policymakers.
RecommendationsThe first course of action that is required in this instance is to advocate awareness and impart adequate education among the industries, so that campaigns can be constructed in order to educate property managers and homeowners regarding the long-term benefits that can be derived after incorporating preventive maintenance. Furnishing resources and information on the cost savings and value preservation associated with proactive measures can encourage more widespread adoption (Ye et al., 2020).
Streamline the process of maintenance is also a way to go. Henceforth, developing and implementing tools, technologies, and best practices that make preventive maintenance more accessible and manageable becomes seamless in nature. This will revolve around the utilization of digital tools that are oriented for tracking maintenance and scheduling activities through which preventive maintenance can be streamlined furthermore by trained professionals.
Extrapolating the possibility of generating financial incentives as well as tax benefits to the property owners who are willing to invest in preventive maintenance, should be concentrated upon. Such incentives can help offset the initial costs and encourage more property owners to adopt preventive strategies.
Future Research Directions:It is prudent to conduct longitudinal studies to keep a track of the costs and financial benefits of preventive maintenance over extended periods. This would furnish more comprehensive data on the long-term economic implications (Zheng et al., 2020).
Intricately analyzing the ramification associated with the preventive maintenance on the market value of the residential property is also essential in order to determine whether the property value can be augmented eventually. This could provide additional motivation for property owners.
Expounding the gravity of emerging technologies, such as IoT (Internet of Things) devices and data analytics, in ameliorating the efficacy and cost-effectiveness of preventive maintenance.
It is necessary to meticulously study the behavioural and psychological factors that influence the decisions of the property owners' regarding preventive maintenance. Understanding the decision-making process can help tailor educational campaigns.
Finally, it can be pointed out that as far as future prospect is concerned, it is imperative to carry out comparative analysis between different preventive maintenance strategies to identify the most cost-effective approaches for various types of residential buildings.
References:
Asadi, M., Hashemi, M., & Balakrishnan, N. (2023). An overview of some classical models and discussion of the signaturebased models of preventive maintenance. Applied Stochastic Models in Business and Industry, 39(1), 4-53.
Dui, H., Yang, X., & Fang, Y. (2022). Evaluation methodology for preventive maintenance in multi-state manufacturing systems considering different costs. International Journal of Production Research, 1-16.
Dui, H., Zhang, C., Tian, T., & Wu, S. (2022). Different costs-informed component preventive maintenance with system lifetime changes. Reliability Engineering & System Safety, 228, 108755.
Gonzalez-Dominguez, J., Sanchez-Barroso, G., & Garcia-Sanz-Calcedo, J. (2020). Preventive maintenance optimisation of accessible flat roofs in healthcare centres using the Markov chain. Journal of Building Engineering, 32, 101775.
Hardt, F., Kotyrba, M., Volna, E., & Jarusek, R. (2021). Innovative approach to preventive maintenance of production equipment based on a modified TPM methodology for industry 4.0. Applied Sciences, 11(15), 6953.
Hernndez-Chover, V., Castellet-Viciano, L., & Hernndez-Sancho, F. (2020). Preventive maintenance versus cost of repairs in asset management: An efficiency analysis in wastewater treatment plants. Process Safety and Environmental Protection, 141, 215-221.
Hernndez-Chover, V., Castellet-Viciano, L., & Hernndez-Sancho, F. (2020). Preventive maintenance versus cost of repairs in asset management: An efficiency analysis in wastewater treatment plants. Process Safety and Environmental Protection, 141, 215-221.
Hu, J., Shen, J., & Shen, L. (2020). Periodic preventive maintenance planning for systems working under a Markovian operating condition. Computers & Industrial Engineering, 142, 106291.
Niu, D., Guo, L., Bi, X., & Wen, D. (2021). Preventive maintenance period decision for elevator parts based on multi-objective optimization method. Journal of Building Engineering, 44, 102984.
Omar, N. S., Hatem, W. A., & Najy, H. I. (2019). Predictive modeling for developing maintenance management in construction projects. Civil Engineering Journal, 5(4), 892-900.
Ruiz-Castro, J. E., & Dawabsha, M. (2020). A multi-state warm standby system with preventive maintenance, loss of units and an indeterminate multiple number of repairpersons. Computers & Industrial Engineering, 142, 106348.
Shi, Y., Lu, Z., Huang, H., Liu, Y., Li, Y., Zio, E., & Zhou, Y. (2022). A new preventive maintenance strategy optimization model considering lifecycle safety. Reliability Engineering & System Safety, 221, 108325.
Yang, L., Ye, Z. S., Lee, C. G., Yang, S. F., & Peng, R. (2019). A two-phase preventive maintenance policy considering imperfect repair and postponed replacement. European Journal of Operational Research, 274(3), 966-977.
Ye, H., Wang, X., & Liu, K. (2020). Adaptive preventive maintenance for flow shop scheduling with resumable processing. IEEE Transactions on Automation Science and Engineering, 18(1), 106-113.
Zheng, R., Zhou, Y., & Zhang, Y. (2020). Optimal preventive maintenance for wind turbines considering the effects of wind speed. Wind Energy, 23(11), 1987-2003.
