An intelligent maintenance decision-making based on cutters economic life

Jigang He, Hongli Gao, Shichao Li, Liang Guo, Yuncong Lei and Ao Cao

International Journal of Production Economics, 2024, vol. 267, issue C

Abstract: The manufacturing field focuses on the accurate life of machinery equipment and cutters, that is, processing until the day before “scrap”. However, this is more of an engineer's management mind than a business manager. Real-life manufacturing operations are often driven by economic gain, in other words, the purpose of production is not to obtain longer working hours of equipment (Operational life), but to minimum costs or maximize profits (Economic life). Cutters, especially expensive high-end cutters, require a lot of investment by enterprises whether to repair or replace them. Therefore, it is of great significance to find an innovative maintenance decision of their economic life. In this paper, an intelligent maintenance decision based on cutters economic life is proposed. Specifically, based on the traditional cutters' life prediction, the economic income index is introduced, and actuarial theory is integrated to explore the joint optimization decision of cutters maintenance. Meanwhile, the sensitivity test and stress test are carried out on various factors that affect the economic life of cutters, the sensitivity priority and the factors' deformations under the stress scenario are obtained. The experimental results show that the optimal time point of cutters' economic life maintenance does not necessarily occur at the optimal time point of operational life maintenance, also, this intelligent maintenance decision can significantly reduce the maintenance costs, thereby increasing the profit. Sensitivity testing and stress testing provide enterprises with risk appetite, direction focus and data support, which is conducive to Enterprise Risk Management (ERM).

Keywords: Operational life; Economic life; Joint optimization decision; Sensitivity test; Stress test (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:267:y:2024:i:c:s0925527323003079

DOI: 10.1016/j.ijpe.2023.109075

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