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Value maximizing maintenance policies under general repair

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  • Marais, Karen B.

Abstract

One class of maintenance optimization problems considers the notion of general repair maintenance policies where systems are repaired or replaced on failure. In each case the optimality is based on minimizing the total maintenance cost of the system. These cost-centric optimizations ignore the value dimension of maintenance and can lead to maintenance strategies that do not maximize system value. This paper applies these ideas to the general repair optimization problem using a semi-Markov decision process, discounted cash flow techniques, and dynamic programming to identify the value-optimal actions for any given time and system condition. The impact of several parameters on maintenance strategy, such as operating cost and revenue, system failure characteristics, repair and replacement costs, and the planning time horizon, is explored.

Suggested Citation

  • Marais, Karen B., 2013. "Value maximizing maintenance policies under general repair," Reliability Engineering and System Safety, Elsevier, vol. 119(C), pages 76-87.
    • Handle: RePEc:eee:reensy:v:119:y:2013:i:c:p:76-87
    DOI: 10.1016/j.ress.2013.05.015
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    Cited by:

    1. de Jonge, Bram & Dijkstra, Arjan S. & Romeijnders, Ward, 2015. "Cost benefits of postponing time-based maintenance under lifetime distribution uncertainty," Reliability Engineering and System Safety, Elsevier, vol. 140(C), pages 15-21.
    2. Toledo, Maria Luíza Guerra de & Freitas, Marta A. & Colosimo, Enrico A. & Gilardoni, Gustavo L., 2015. "ARA and ARI imperfect repair models: Estimation, goodness-of-fit and reliability prediction," Reliability Engineering and System Safety, Elsevier, vol. 140(C), pages 107-115.
    3. Zhang, Nan & Fouladirad, Mitra & Barros, Anne, 2018. "Optimal imperfect maintenance cost analysis of a two-component system with failure interactions," Reliability Engineering and System Safety, Elsevier, vol. 177(C), pages 24-34.
    4. Tanwar, Monika & Rai, Rajiv N. & Bolia, Nomesh, 2014. "Imperfect repair modeling using Kijima type generalized renewal process," Reliability Engineering and System Safety, Elsevier, vol. 124(C), pages 24-31.
    5. Gómez Fernández, Juan F. & Márquez, Adolfo Crespo & López-Campos, Mónica A., 2016. "Customer-oriented risk assessment in network utilities," Reliability Engineering and System Safety, Elsevier, vol. 147(C), pages 72-83.
    6. Liu, Bin & Xu, Zhengguo & Xie, Min & Kuo, Way, 2014. "A value-based preventive maintenance policy for multi-component system with continuously degrading components," Reliability Engineering and System Safety, Elsevier, vol. 132(C), pages 83-89.

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