This problem can be viewed as a proof of concept for the power of predictive modeling for preventative maintenance. Preventative maintenance is generally cheaper than replacement or repair of a broken item. In addition, you can schedule the maintenance to minimize downtime or impact on the business or service.
Why predictive instead of just regularly scheduled preventative maintenance though? Because again we see savings. By only allocating resources when needed we reduce maintenance or labor for inspections on fully functional machines but also identify problems inside the inspection intervals.
To test out the model and make predictions, visit the web application
To see a detailed exploration of the data and model development, take a look at the notebook