IDEAS home Printed from https://ideas.repec.org/a/eee/reensy/v242y2024ics0951832023006385.html
   My bibliography  Save this article

Optimal condition-based maintenance policy for leased equipment considering hybrid preventive maintenance and periodic inspection

Author

Listed:
  • Liu, Biyu
  • Pang, Jie
  • Yang, Haidong
  • Zhao, Yilin

Abstract

Innovations in technology have made the structure of leased equipment more complex, which poses a challenge for lessors to develop maintenance policies. In view of the situation that the single periodic preventive maintenance (PM) policy during leasing activities may cause excessive or insufficient maintenance on the leased equipment, a condition-based maintenance (CBM) policy considering hybrid preventive maintenance (HPM) and periodic inspections is proposed. This policy contains imperfect preventive maintenance (IPM), preventive replacement (PR) and corrective maintenance (CM). The lessor can decide to take maintenance actions depending on whether the state of the equipment reaches the corresponding maintenance threshold. The warranty period of the leased equipment is also considered. To seal the deal, the lessor will give a discount on the rental to cover the CM costs and penalties out of the warranty period. To minimize the lessor's costs, we propose a CBM decision model to determine the optimal inspection period, PM threshold and PR period. The results show that the HPM policy can reduce leasing costs by about 5 –15 % for the lessor compared to that of the single PM policy.

Suggested Citation

  • Liu, Biyu & Pang, Jie & Yang, Haidong & Zhao, Yilin, 2024. "Optimal condition-based maintenance policy for leased equipment considering hybrid preventive maintenance and periodic inspection," Reliability Engineering and System Safety, Elsevier, vol. 242(C).
    • Handle: RePEc:eee:reensy:v:242:y:2024:i:c:s0951832023006385
    DOI: 10.1016/j.ress.2023.109724
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0951832023006385
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ress.2023.109724?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reensy:v:242:y:2024:i:c:s0951832023006385. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/reliability-engineering-and-system-safety .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.