Abstract: An equipment module is analyzed through the use of an array of failure probability values. The array of failure probability values provides an indication of the probability that the equipment module will fail at a plurality of different times. A cost of operating the equipment module is determined by calculating the cost of operating the equipment module at each of the different times using the array of failure probability values, so that the cost calculated at each of the different times is proportional to the probability that the equipment module will fail at the respective time. The cost of operating the equipment module at each of the different times can include a recurring cost value and a non-recurring cost value. An additional probability can be utilized when calculating the cost of operating the equipment module. A maintenance time can be determined, and the costs are calculated in view of maintenance performed at the maintenance time.