Higher moments and probability distribution of maintenance cost in the delay time model

Mahesh D Pandey, Tianjin Cheng and Jam Van der Weide

Journal of Risk and Reliability, 2016, vol. 230, issue 4, 354-363

Abstract: The delay time model is a practical way to model random occurrences of failures and the effect of inspection and maintenance actions on the reliability of a repairable system. The delay time model involves two random variables describing the time of initiation of defects and time to failure after the defect initiation. This article presents a clear and structured approach to the evaluation of maintenance cost using the theory of stochastic renewal processes. This article derives the mean, variance, skewness and kurtosis of the maintenance cost in a finite time horizon. Furthermore, the probability distribution of cost is accurately estimated using the Hermite polynomial model. Using the cost distribution, the value at risk is estimated and proposed as a measure to optimize the maintenance program.

Keywords: Delay time model; stochastic renewal process; maintenance cost; probability distribution; renewal integral equation; finite time cost analysis; Hermite moment model (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/1748006X16641767 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:risrel:v:230:y:2016:i:4:p:354-363

DOI: 10.1177/1748006X16641767

Access Statistics for this article

More articles in Journal of Risk and Reliability
Bibliographic data for series maintained by SAGE Publications ().