Optimal redundancy allocation for a reliability‐based total cost of ownership model using genetic algorithm

System engineering principles suggest that the best design is one that can maximise the system operational effectiveness and minimise the total cost of ownership. This paper addresses a Reliability‐Based Total Cost of Ownership (RBTCO) model for allocation of reliability that can minimise the total cost of ownership. A genetic algorithm based heuristic is developed to provide an optimal or a near‐optimal solution to the RBTCO model. The model presented in this paper will be useful for designing new products, especially electronic products. This model will also enable the manufacturers to establish a guarantee period. The requirement of spares can also be estimated and their availability can be ensured.