A COMPARISON STUDY OF REPLACEMENT POLICIES FOR A CUMULATIVE DAMAGE MODEL
2014 ◽
Vol 21
(04)
◽
pp. 1450021
Keyword(s):
A comparison study in basic preventive replacement (PR) policies based on a cumulative damage model is done. Three well-known PR policies (time-based, shock number-based, cumulative damage-based policies) are considered and the expected cost rate is used as the objective function to determine the optimal policy. Each policy requires certain information in the cumulative damage model. We evaluate the expected values of information by numerical examples and investigate the effect of model parameters and cost terms on the optimal expected cost rate. A damage-based replacement policy with periodic inspection is also proposed and compared with the three PR policies by numerical examples.