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Beyond its cost, the value of maintenance: An analytical framework for capturing its net present value

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  • Marais, Karen B.
  • Saleh, Joseph H.

Abstract

Maintenance planning and activities have grown dramatically in importance across many industries and are increasingly recognized as drivers of competitiveness if managed appropriately. Correlated with this observation is the proliferation of maintenance optimization techniques in the technical literature. But while all these models deal with the cost of maintenance (as an objective function or a constraint), only a handful addresses the notion of value of maintenance, and seldom in an analytical or quantitative way.

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  • Marais, Karen B. & Saleh, Joseph H., 2009. "Beyond its cost, the value of maintenance: An analytical framework for capturing its net present value," Reliability Engineering and System Safety, Elsevier, vol. 94(2), pages 644-657.
    • Handle: RePEc:eee:reensy:v:94:y:2009:i:2:p:644-657
    DOI: 10.1016/j.ress.2008.07.004
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    References listed on IDEAS

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    Citations

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    Cited by:

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    3. Cha, Ji Hwan, 2016. "New stochastic models for preventive maintenance and maintenance optimizationAuthor-Name: Lee, Hyunju," European Journal of Operational Research, Elsevier, vol. 255(1), pages 80-90.
    4. Wu, Jun & Xie, Min & Adam Ng, Tsan Sheng, 2011. "On a general periodic preventive maintenance policy incorporating warranty contracts and system ageing losses," International Journal of Production Economics, Elsevier, vol. 129(1), pages 102-110, January.
    5. Castet, Jean-Francois & Saleh, Joseph H., 2010. "Beyond reliability, multi-state failure analysis of satellite subsystems: A statistical approach," Reliability Engineering and System Safety, Elsevier, vol. 95(4), pages 311-322.
    6. 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.
    7. Ahammed, Faisal & Azeem, Abdullahil, 2013. "Selection of the most appropriate package of Solar Home System using Analytic Hierarchy Process model in rural areas of Bangladesh," Renewable Energy, Elsevier, vol. 55(C), pages 6-11.
    8. ten Wolde, Mike & Ghobbar, Adel A., 2013. "Optimizing inspection intervals—Reliability and availability in terms of a cost model: A case study on railway carriers," Reliability Engineering and System Safety, Elsevier, vol. 114(C), pages 137-147.
    9. Rusin, Andrzej & Wojaczek, Adam, 2019. "Improving the availability and lengthening the life of power unit elements through the use of risk-based maintenance planning," Energy, Elsevier, vol. 180(C), pages 28-35.
    10. Hamidi, Maryam & Liao, Haitao & Szidarovszky, Ferenc, 2016. "Non-cooperative and cooperative game-theoretic models for usage-based lease contracts," European Journal of Operational Research, Elsevier, vol. 255(1), pages 163-174.
    11. Martyna Tomala & Andrzej Rusin & Adam Wojaczek, 2020. "Risk-Based Planning of Diagnostic Testing of Turbines Operating with Increased Flexibility," Energies, MDPI, vol. 13(13), pages 1-16, July.
    12. Tinga, Tiedo, 2010. "Application of physical failure models to enable usage and load based maintenance," Reliability Engineering and System Safety, Elsevier, vol. 95(10), pages 1061-1075.
    13. Marais, Karen B., 2013. "Value maximizing maintenance policies under general repair," Reliability Engineering and System Safety, Elsevier, vol. 119(C), pages 76-87.
    14. Pinciroli, Luca & Baraldi, Piero & Zio, Enrico, 2023. "Maintenance optimization in industry 4.0," Reliability Engineering and System Safety, Elsevier, vol. 234(C).
    15. Jackson, Canek & Pascual, Rodrigo, 2021. "Joint pricing and maintenance strategies in availability-based product-service systems under different overhaul conditions," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    16. Rusin, Andrzej & Bieniek, Michał, 2017. "Maintenance planning of power plant elements based on avoided risk value," Energy, Elsevier, vol. 134(C), pages 672-680.

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