Maintenance and reinvestment policies: framework and principles

Hans Löfsten

International Journal of Engineering Management and Economics, 2018, vol. 6, issue 2/3, 207-223

Abstract: There is a lack of models that could improve the understanding of the underlying dimensions of maintenance. Many models are also large and complicated, and thus limiting the interaction between the analysis and the decision maker. Although a scheduled maintenance and reinvestment policy may reduce the number of failures, the cost of the scheduled maintenance may not reduce state costs. This paper develops a general framework and principles for maintenance and reinvestment decisions. The model in this study integrates four important dimensions: i) state of the facility; ii) maintenance; iii) reinvestment; iv) salvage value. The financial dimension is also included in the model (a fixed budget per period). The structure of the model is to support the operative management of maintenance and reinvestment in the long run, i.e., timing of maintenance and reinvestment tasks. Four different maintenance and reinvestment policies are also developed.

Keywords: preventive maintenance; corrective maintenance; reinvestment; state cost; policy; budget constraint. (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijemec:v:6:y:2018:i:2/3:p:207-223

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