Final answer:
Knowledge of equipment lifetimes affects maintenance decisions by determining maintenance intervals, maintenance frequency, and the prioritization of replacement over repair.
Step-by-step explanation:
Knowledge of equipment lifetimes can greatly impact maintenance decisions. If the knowledge indicates that the equipment has a long lifetime, maintenance intervals can be extended because the equipment is not likely to break down frequently. On the other hand, if the equipment has a short lifetime, maintenance frequency might need to be increased to ensure its proper functioning.
Additionally, knowledge of equipment lifetimes can also inform the decision to prioritize replacement over repair. If the equipment is nearing the end of its expected lifetime, it may be more cost-effective to replace it rather than investing in repeated repairs.