Optimal periodic preventive maintenance policy for leased equipment

Optimal periodic preventive maintenance policy for leased equipment

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Article ID: iaor200771
Country: Netherlands
Volume: 91
Issue: 7
Start Page Number: 772
End Page Number: 777
Publication Date: Jul 2006
Journal: Reliability Engineering & Systems Safety
Authors: ,
Keywords: preventative maintenance
Abstract:

For leased equipment the lessor incurs penalty costs for failures occurring over the lease period and for not rectifying such failures within a specified time limit. Through preventive maintenance actions the penalty costs can be reduced but this is achieved at the expense of increased maintenance costs. The paper looks at a periodic preventive maintenance policy which achieves a tradeoff between the penalty and maintenance costs.

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