For conditions where prolonged operation creates no safety issues or impactful operational constraints, using the “Loss Equals Cost” method is a prudent principle for establishing the optimal timing for repairs (or for taking corrective actions). More explicitly stated: schedule the repair when the cost of sustaining the loss (cost per unit time of operating with the fault * optimal time) equates to the cost of effecting the repairs.
Repair costs may include: labor expenses, cost of replacement parts or materials, lost revenue due to operational downtime, expenses incurred for temporary power generation replacement, and any other source of expense deemed applicable.