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The probability distribution of maintenance cost of a system affected by the gamma process of degradation: Finite time solution

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  • Cheng, Tianjin
  • Pandey, Mahesh D.
  • van der Weide, J.A.M.

Abstract

The stochastic gamma process has been widely used to model uncertain degradation in engineering systems and structures. The optimization of the condition-based maintenance (CBM) policy is typically based on the minimization of the asymptotic cost rate. In the financial planning of a maintenance program, however, a more accurate prediction interval for the cost is needed for prudent decision making. The prediction interval cannot be estimated unless the probability distribution of cost is known. In this context, the asymptotic cost rate has a limited utility.

Suggested Citation

  • Cheng, Tianjin & Pandey, Mahesh D. & van der Weide, J.A.M., 2012. "The probability distribution of maintenance cost of a system affected by the gamma process of degradation: Finite time solution," Reliability Engineering and System Safety, Elsevier, vol. 108(C), pages 65-76.
    • Handle: RePEc:eee:reensy:v:108:y:2012:i:c:p:65-76
    DOI: 10.1016/j.ress.2012.06.005
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    References listed on IDEAS

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    Cited by:

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    3. Dursun, İpek & Akçay, Alp & van Houtum, Geert-Jan, 2022. "Age-based maintenance under population heterogeneity: Optimal exploration and exploitation," European Journal of Operational Research, Elsevier, vol. 301(3), pages 1007-1020.
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    5. Hong, H.P. & Zhou, W. & Zhang, S. & Ye, W., 2014. "Optimal condition-based maintenance decisions for systems with dependent stochastic degradation of components," Reliability Engineering and System Safety, Elsevier, vol. 121(C), pages 276-288.
    6. Pedersen, Tom Ivar & Vatn, Jørn, 2022. "Optimizing a condition-based maintenance policy by taking the preferences of a risk-averse decision maker into account," Reliability Engineering and System Safety, Elsevier, vol. 228(C).
    7. 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.
    8. Yi Yang & John Dalsgaard Sørensen, 2019. "Cost-Optimal Maintenance Planning for Defects on Wind Turbine Blades," Energies, MDPI, vol. 12(6), pages 1-16, March.
    9. 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.
    10. N. C. Caballé & I. T. Castro, 2019. "Assessment of the maintenance cost and analysis of availability measures in a finite life cycle for a system subject to competing failures," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 41(1), pages 255-290, March.
    11. Mahesh D Pandey & Tianjin Cheng & JAM Van der Weide, 2016. "Higher moments and probability distribution of maintenance cost in the delay time model," Journal of Risk and Reliability, , vol. 230(4), pages 354-363, August.
    12. Zhang, Zhengxin & Si, Xiaosheng & Hu, Changhua & Lei, Yaguo, 2018. "Degradation data analysis and remaining useful life estimation: A review on Wiener-process-based methods," European Journal of Operational Research, Elsevier, vol. 271(3), pages 775-796.
    13. Zhao, Yan-Gang & Zhang, Xuan-Yi & Lu, Zhao-Hui, 2018. "A flexible distribution and its application in reliability engineering," Reliability Engineering and System Safety, Elsevier, vol. 176(C), pages 1-12.

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