What is an important goal of Defect Elimination Strategies?

Defect Elimination Strategies focus significantly on minimizing the total cost of ownership. This goal is achieved by identifying and eradicating defects in products or processes, leading to higher reliability and performance. When defects are minimized, there are fewer failures, which reduces costs associated with repairs, warranty claims, and loss of reputation. Additionally, it allows organizations to reduce downtime, streamline operations, and prevent unnecessary expenses. By focusing on defect elimination, companies can ensure that their products meet quality standards consistently, ultimately lowering the total costs over the lifecycle of an asset or product.

In contrast, while enhancing product features, expanding market reach, and increasing production speed can each be beneficial goals for a business, they do not directly address the core financial implications of defects related to reliability and ownership costs. Thus, while they can contribute to a company's success, they are not the primary focus of Defect Elimination Strategies.