A cost-based importance measure for system components: An extension of the Birnbaum importance

Shaomin Wu and Frank P.A. Coolen

European Journal of Operational Research, 2013, vol. 225, issue 1, 189-195

Abstract: In reliability engineering, component importance measures are used to prioritise components in a system for purposes such as reliability improvement and maintenance planning. Existing importance measures have paid little attention to the costs incurred by maintaining a system and its components within a given time period. Cost-effectiveness analysis, however, is critically important in increasingly competitive markets. This paper proposes a new cost-based importance measure which considers costs incurred by maintaining a system and its components within a finite time horizon. Possible extensions are discussed and examples are given to show the use of the new measure.

Keywords: Birnbaum importance; Structural function; Cost-based importance; Barlow–Proschan importance; Risk-based importance (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (28)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:225:y:2013:i:1:p:189-195

DOI: 10.1016/j.ejor.2012.09.034

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