Finite-time maintenance cost analysis of engineering systems affected by stochastic degradation

M D Pandey, T Cheng and J A M van der Weide

Journal of Risk and Reliability, 2011, vol. 225, issue 2, 241-250

Abstract: The performance and reliability of engineering systems and structures are usually affected by uncertain degradation that occurs in service as a result of various physical and environmental processes, such as corrosion, erosion, fatigue, and creep. To maintain reliability of degrading systems, periodic inspection and preventive maintenance programmes are adopted. In the literature, the optimization of a maintenance programme is typically based on the minimization of the asymptotic cost rate. However, many engineering systems operate in a relatively short and finite time horizon in which the application of the asymptotic approximation becomes questionable. This paper presents an accurate formulation for computing the expected value and variance of the cost of a condition-based maintenance programme over a defined time horizon. A stochastic gamma process is used to model uncertain degradation. This paper emphasizes that the consideration of variance of the cost is of utmost importance in maintenance optimization, because it helps to identify a more robust (less uncertain) solution in a set of competing optimum solutions based on expected cost.

Keywords: condition-based maintenance; stochastic degradation; gamma process; renewal process; finite-time analysis; expected cost; variance of cost; failure rate; inspection optimization (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:risrel:v:225:y:2011:i:2:p:241-250

DOI: 10.1177/1748007810393826

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