Discounted cost model for condition-based maintenance optimization

Discounted cost model for condition-based maintenance optimization

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Article ID: iaor20101052
Volume: 95
Issue: 3
Start Page Number: 236
End Page Number: 246
Publication Date: Mar 2010
Journal: Reliability Engineering and System Safety
Authors: , ,
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.

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