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Optimal maintenance policy for stochastically failing equipment: A diffusion approximation

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  • Dror Zuckerman

Abstract

A system receives shocks at random points of time. Each shock causes a random amount of damage which accumulates over time. The system fails when the accumulated damage exceeds a fixed threshold. Upon failure the system is replaced by a new one. The damage process is controlled by means of a maintenance policy. There are M possible maintenance actions. Given that a maintenance action m is employed, then the cumulative damage decreases at rate rm. Replacement costs and maintenance costs are considered. The objective is to determine an optimal maintenance policy under the following optimality criteria: (1) long‐run average cost; (2) total expected discounted cost over an infinite horizon. For a diffusion approximation, we show that the optimal maintenance expenditure rate is monotonically increasing in the cumulative damage level.

Suggested Citation

  • Dror Zuckerman, 1986. "Optimal maintenance policy for stochastically failing equipment: A diffusion approximation," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 33(3), pages 469-477, August.
    • Handle: RePEc:wly:navlog:v:33:y:1986:i:3:p:469-477
    DOI: 10.1002/nav.3800330311
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    Cited by:

    1. I. Krinsky & A. Mehrez, 1989. "Principal‐agent maintenance problem," Naval Research Logistics (NRL), John Wiley & Sons, vol. 36(6), pages 817-828, December.

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