Determining Overall Pump Lifecycle Costs

Beyond the purchase price, there are other optimizable costs that will help moderate pump-related expenses, when estimating pump lifecycle costs Facility managers who rely on industrial pumps for the various liquid-transfer duties in their manufacturing processes may occasionally think that once the pump has been purchased, the majority of the heavy lifting has been completed. It is easy to see why this mindset might become prevalent. After all, identifying the right pump for the right process requires a lot of time and due diligence, from performance reviews to cost estimates, to even soliciting opinions from other manufacturers. In reality, studies of different types of manufacturing operations have indicated that, when all is said and done, the purchase price of a pump will only be 10 to 15% of its total lifecycle cost — with “lifecycle cost” defined by The Hydraulic Institute (www.pumps.org) as the “total lifetime cost to purchase, install, operate, maintain and dispose of the pump.” Based on that definition, the reality is that cutting a check for the purchase price of the pump is only the first of many potential expenses that will be incurred over the pump’s operational lifetime, which — if the operator is fortunate…