Abstract: Liberalization of global economy has resulted tough competition in global market and for the sustainability in market for any product or service, the optimization of resources and costs in all sorts is required.The global competition is based on the innovation of advanced products, processes etc. and technology support is the essential requirement for any advancement in product or process. The advancement in technology had lead to the industrial revolution and higher level competition for survival. In today’s situation, the importance of the upkeep of equipment has its own importance since the condition and performance of the equipment have large role in the quality and availability of the products.