IDEAS home Printed from https://ideas.repec.org/a/eee/reensy/v180y2018icp302-311.html
   My bibliography  Save this article

Performance evaluation of seven optimization models of age replacement policy

Author

Listed:
  • Jiang, R.

Abstract

Several optimization models of the classic age replacement policy have been developed based on different optimality criteria in the literature. This raises the issue how to choose an appropriate model among these models for a specific application. This paper addresses this issue by carrying out a comparative study for the performances of these models and a new risk-sensitive cost model. The performance of the solution of an optimization model is evaluated from two aspects: cost (or availability) and reliability. Two benchmarking points that correspond to these two aspects are defined; and three performance measures that correspond to cost, reliability and overall performance, respectively, are developed for evaluating the performances of the models. Through quantitatively comparing the performances of the models’ solutions associated with the Weibull, gamma and lognormal distributions, the models with outstanding performances are identified. The applicable situations of the outstanding models are also discussed. The results are useful for both maintenance researchers and practitioners.

Suggested Citation

  • Jiang, R., 2018. "Performance evaluation of seven optimization models of age replacement policy," Reliability Engineering and System Safety, Elsevier, vol. 180(C), pages 302-311.
    • Handle: RePEc:eee:reensy:v:180:y:2018:i:c:p:302-311
    DOI: 10.1016/j.ress.2018.07.030
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0951832017312103
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ress.2018.07.030?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.

    References listed on IDEAS

    as
    1. Coolen-Schrijner, P. & Coolen, F.P.A., 2007. "Nonparametric adaptive age replacement with a one-cycle criterion," Reliability Engineering and System Safety, Elsevier, vol. 92(1), pages 74-84.
    2. Hamidi, Maryam & Szidarovszky, Ferenc & Szidarovszky, Miklos, 2016. "New one cycle criteria for optimizing preventive replacement policies," Reliability Engineering and System Safety, Elsevier, vol. 154(C), pages 42-48.
    3. Jiang, R., 2013. "A tradeoff BX life and its applications," Reliability Engineering and System Safety, Elsevier, vol. 113(C), pages 1-6.
    4. B C Giri & T Dohi, 2010. "Quantifying the risk in age and block replacement policies," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(7), pages 1151-1158, July.
    5. Richard Barlow & Larry Hunter, 1960. "Optimum Preventive Maintenance Policies," Operations Research, INFORMS, vol. 8(1), pages 90-100, February.
    6. Jiang, R., 2013. "A multivariate CBM model with a random and time-dependent failure threshold," Reliability Engineering and System Safety, Elsevier, vol. 119(C), pages 178-185.
    7. J. Ansell & A. Bendell & S. Humble, 1984. "Age Replacement Under Alternative Cost Criteria," Management Science, INFORMS, vol. 30(3), pages 358-367, March.
    8. Jiang, R., 2010. "Optimization of alarm threshold and sequential inspection scheme," Reliability Engineering and System Safety, Elsevier, vol. 95(3), pages 208-215.
    9. Zhao, Xufeng & Al-Khalifa, Khalifa N. & Magid Hamouda, Abdel & Nakagawa, Toshio, 2017. "Age replacement models: A summary with new perspectives and methods," Reliability Engineering and System Safety, Elsevier, vol. 161(C), pages 95-105.
    10. Jiang, R., 2009. "An accurate approximate solution of optimal sequential age replacement policy for a finite-time horizon," Reliability Engineering and System Safety, Elsevier, vol. 94(8), pages 1245-1250.
    11. C. Derman & J. Sacks, 1960. "Replacement of periodically inspected equipment. (An optimal optional stopping rule)," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 7(4), pages 597-607, December.
    12. Rommert Dekker & Matthijs C. Dijkstra, 1992. "Opportunity‐based age replacement: Exponentially distributed times between opportunities," Naval Research Logistics (NRL), John Wiley & Sons, vol. 39(2), pages 175-190, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. R. Jiang, 2022. "Two approximations of renewal function for any arbitrary lifetime distribution," Annals of Operations Research, Springer, vol. 311(1), pages 151-165, April.
    2. Jiang, R., 2020. "A novel two-fold sectional approximation of renewal function and its applications," Reliability Engineering and System Safety, Elsevier, vol. 193(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zheng, Junjun & Okamura, Hiroyuki & Dohi, Tadashi, 2021. "Age replacement with Markovian opportunity process," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    2. de Jonge, Bram & Teunter, Ruud & Tinga, Tiedo, 2017. "The influence of practical factors on the benefits of condition-based maintenance over time-based maintenance," Reliability Engineering and System Safety, Elsevier, vol. 158(C), pages 21-30.
    3. Sheu, Shey-Huei & Tsai, Hsin-Nan & Sheu, Uan-Yu & Zhang, Zhe George, 2019. "Optimal replacement policies for a system based on a one-cycle criterion," Reliability Engineering and System Safety, Elsevier, vol. 191(C).
    4. Zhao, Xufeng & Al-Khalifa, Khalifa N. & Magid Hamouda, Abdel & Nakagawa, Toshio, 2017. "Age replacement models: A summary with new perspectives and methods," Reliability Engineering and System Safety, Elsevier, vol. 161(C), pages 95-105.
    5. P Coolen-Schrijner & F. P. A. Coolen, 2006. "On Optimality Criteria for Age Replacement," Journal of Risk and Reliability, , vol. 220(1), pages 21-29, June.
    6. Gössinger, Ralf & Helmke, Hanna & Kaluzny, Michael, 2017. "Condition-based release of maintenance jobs in a decentralised production-maintenance system – An analysis of alternative stochastic approaches," International Journal of Production Economics, Elsevier, vol. 193(C), pages 528-537.
    7. 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.
    8. 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.
    9. Finkelstein, Maxim & Cha, Ji Hwan & Langston, Amy, 2023. "Improving classical optimal age-replacement policies for degrading items," Reliability Engineering and System Safety, Elsevier, vol. 236(C).
    10. Ji Hwan Cha & Maxim Finkelstein, 2020. "On optimal life extension for degrading systems," Journal of Risk and Reliability, , vol. 234(3), pages 487-495, June.
    11. Jiang, R., 2013. "A multivariate CBM model with a random and time-dependent failure threshold," Reliability Engineering and System Safety, Elsevier, vol. 119(C), pages 178-185.
    12. Asadi, Majid, 2023. "On a parametric model for the mean number of system repairs with applications," Reliability Engineering and System Safety, Elsevier, vol. 234(C).
    13. Safaei, Fatemeh & Ahmadi, Jafar & Balakrishnan, N., 2019. "A repair and replacement policy for repairable systems based on probability and mean of profits," Reliability Engineering and System Safety, Elsevier, vol. 183(C), pages 143-152.
    14. Tavangar, Mahdi & Hashemi, Marzieh, 2022. "Reliability and maintenance analysis of coherent systems subject to aging and environmental shocks," Reliability Engineering and System Safety, Elsevier, vol. 218(PB).
    15. Truong Ba, H. & Cholette, M.E. & Borghesani, P. & Zhou, Y. & Ma, L., 2017. "Opportunistic maintenance considering non-homogenous opportunity arrivals and stochastic opportunity durations," Reliability Engineering and System Safety, Elsevier, vol. 160(C), pages 151-161.
    16. de Jonge, Bram & Scarf, Philip A., 2020. "A review on maintenance optimization," European Journal of Operational Research, Elsevier, vol. 285(3), pages 805-824.
    17. Jingyi Zhao & Chunhai Gao & Tao Tang, 2022. "A Review of Sustainable Maintenance Strategies for Single Component and Multicomponent Equipment," Sustainability, MDPI, vol. 14(5), pages 1-22, March.
    18. Cha, Ji Hwan & Finkelstein, Maxim, 2024. "Preventive maintenance for the constrained multi-attempt minimal repair," Reliability Engineering and System Safety, Elsevier, vol. 243(C).
    19. D Venkat & F P A Coolen & P Coolen-Schrijner, 2010. "Extended opportunity-based age replacement with a one-cycle criterion," Journal of Risk and Reliability, , vol. 224(1), pages 55-62, March.
    20. Finkelstein, Maxim & Cha, Ji Hwan & Bedford, Tim, 2023. "Optimal preventive maintenance strategy for populations of systems that generate outputs," Reliability Engineering and System Safety, Elsevier, vol. 237(C).

    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:180:y:2018:i:c:p:302-311. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.