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This paper aims to evaluate panel-data estimation techniques to model machinery fleet failure risk and provide a framework for risk reduction.

March 13, 2026Open Access

Methodological Evaluation and Panel-Data Estimation for Industrial Machinery Fleet Risk Reduction in Ghana, 2000–2026

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Working paper evaluates risk reduction methods for industrial machinery fleets, suggesting improved asset management strategies.

This paper aims to evaluate panel-data estimation techniques to model machinery fleet failure risk and provide a framework for risk reduction.
Constructed an unbalanced panel dataset from maintenance records, operational logs, and inspection reports.
Employed a fixed-effects regression model to analyze the relationship between machinery variables and failure rates.
Utilized cluster-robust standard errors for statistical inference.
Found a strong positive relationship between machinery age and failure rate, with a 7.3% increase in failure rate per year of age.
Identified preventive maintenance as the most significant factor for reducing risk in machinery fleets.

Mensah et al. (2003) studied this question.

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