When would you elect to repair a component on a piece of hardware, and when would you recommend replacing one?

"Deciding whether to repair or replace a component of a piece of hardware once it is in production depends on the specific component, its function, size, and availability. Many components within a piece of hardware are discreet and cannot be repaired. Therefore, they must be replaced. Other components contain sub-assemblies that can either be repaired or replaced without replacing the entire main component. Another factor to consider is the time it would take to repair the component and the component's cost. If the labor cost exceeds the price of the component, it makes sense to replace the component."