A cost-based importance measure for system components: An extension of the Birnbaum importance
AbstractIn reliability engineering, component importance measures are used to prioritise components in a system for purposes such as reliability improvement and maintenance planning. Existing importance measures have paid little attention to the costs incurred by maintaining a system and its components within a given time period. Cost-effectiveness analysis, however, is critically important in increasingly competitive markets. This paper proposes a new cost-based importance measure which considers costs incurred by maintaining a system and its components within a finite time horizon. Possible extensions are discussed and examples are given to show the use of the new measure.
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Bibliographic InfoArticle provided by Elsevier in its journal European Journal of Operational Research.
Volume (Year): 225 (2013)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/eor
Birnbaum importance; Structural function; Cost-based importance; Barlow–Proschan importance; Risk-based importance;
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