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: | van der Weide J A M, Pandey M D, van Noortwijk J M |
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.