Discounted cost model for condition-based maintenance optimization

J.A.M. van der Weide, M.D. Pandey and Jan van Noortwijk

Reliability Engineering and System Safety, 2010, vol. 95, issue 3, 236-246

Abstract: This paper presents methods to evaluate the reliability and optimize the maintenance of engineering systems that are damaged by shocks or transients arriving randomly in time and overall degradation is modeled as a cumulative stochastic point process. The paper presents a conceptually clear and comprehensive derivation of formulas for computing the discounted cost associated with a maintenance policy combining both condition-based and age-based criteria for preventive maintenance. The proposed discounted cost model provides a more realistic basis for optimizing the maintenance policies than those based on the asymptotic, non-discounted cost rate criterion.

Keywords: Stochastic point process; Cumulative damage; Reliability; Condition-based maintenance; Discounted cost; Poisson process; Renewal process (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:95:y:2010:i:3:p:236-246

DOI: 10.1016/j.ress.2009.10.004

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