Abstract
This paper describes the optimization of preventive maintenance (PM) over a finite planning horizon in a semi-Markov framework. In this framework, the asset may be operating, and providing income for the asset owner, or not operating and undergoing PM, or not operating and undergoing corrective maintenance following failure. PM is triggered when the asset has been operating for τ time units. A number m of transitions specifies the finite horizon. This system is described with a set of recurrence relations, and their z-transform is used to determine the value of τ that maximizes the average accumulated reward over the horizon. We study under what conditions a solution can be found, and for those specific cases the solution τ* is calculated. Despite the complexity of the mathematical solution, the result obtained allows the analyst to provide a quick and easy-to-use tool for practical application in many real-world cases. To demonstrate this, the method has been implemented for a case study, and its accuracy and practical implementation were tested using Monte Carlo simulation and direct calculation.
