Improving classical optimal age-replacement policies for degrading items

Finkelstein, Maxim and Cha, Ji Hwan and Langston, Amy (2023) Improving classical optimal age-replacement policies for degrading items. Reliability Engineering and System Safety, 236. 109303. ISSN 0951-8320 (https://doi.org/10.1016/j.ress.2023.109303)

[thumbnail of Finkelstein-etal-RESS-2023-Improving-classical-optimal-age-replacement] Text. Filename: Finkelstein_etal_RESS_2023_Improving_classical_optimal_age_replacement.pdf
Accepted Author Manuscript
Restricted to Repository staff only until 27 April 2024.
License: Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 logo
Download (945kB) | Request a copy

Abstract

We consider items with observable at inspections degradation. Following an inspection, a decision is made whether to replace an item or to continue operation. When degradation is relatively small, it is cost-beneficial to continue operation and postpone the preventive maintenance. The innovative, probabilistically justified replacement policy defines the postponement in this case. It is based on comparison of the observed degradation with the specially defined reference values. Degradation is modeled by the increasing stochastic process, specifically by the Poisson counting process and by the homogeneous gamma process. Detailed illustrative numerical examples describing the main steps of the developed original methodology are provided. They also show that the proposed policy can result in a significant cost reduction and increase in the replacement times.

  • Item type:Article
    ID code:85378
    Dates:
    Date
    Event
    31 August 2023
    Published
    27 April 2023
    Published Online
    10 April 2023
    Accepted
    Keywords:cost reduction, preventive maintenance, inspections degradation, inspections, Risk Management, Applied Mathematics, Industrial and Manufacturing Engineering, Safety, Risk, Reliability and Quality
    Subjects:Social Sciences > Industries. Land use. Labor > Risk Management
    Department:Strathclyde Business School > Management Science
    Depositing user: Pure Administrator
    Date deposited:03 May 2023 14:48
    Last modified:31 Aug 2023 03:01
    URI:https://strathprints.strath.ac.uk/id/eprint/85378
CORE (COnnecting REpositories)