At the end of the session, you will be able to:

1. Distinguish between owning and operating costs as two principal equipment cost types and describe how hourly owning and hourly operating costs change through the life of a machine.
2. Explain the reasons for and the importance of an hourly equipment owning and operating cost rate.
3. Describe at least six factors that influence the hourly equipment owning and operating cost of equipment.
4. List five action steps to reduce equipment costs.