Optimal preventive maintenance of leased equipment with corrective minimal repairs

Jaturonnatee, J., Murthy, D. N. P. and Boondiskulchok, R. (2006) Optimal preventive maintenance of leased equipment with corrective minimal repairs. European Journal Of Operational Research, 174 1: 201-215. doi:10.1016/j.ejor.2005.01.049


Author Jaturonnatee, J.
Murthy, D. N. P.
Boondiskulchok, R.
Title Optimal preventive maintenance of leased equipment with corrective minimal repairs
Journal name European Journal Of Operational Research   Check publisher's open access policy
ISSN 0377-2217
Publication date 2006
Sub-type Article (original research)
DOI 10.1016/j.ejor.2005.01.049
Volume 174
Issue 1
Start page 201
End page 215
Total pages 15
Editor Canon J. Teghem
R. Slowinski
Place of publication Amsterdam
Publisher Elsevier Science Bv
Collection year 2006
Language eng
Subject C1
239903 Risk Theory
720205 Industry costs and structure
0913 Mechanical Engineering
Abstract For leased equipment, the lessor carries out the maintenance of the equipment. Usually, the contract of lease specifies the penalty for equipment failures and for repairs not being carried out within specified time limits. This implies that optimal preventive maintenance policies must take these penalty costs into account and properly traded against the cost of preventive maintenance actions. The costs associated with failures are high as unplanned corrective maintenance actions are costly and the resulting penalties due to lease contract terms being violated. The paper develops a model to determine the optimal parameters of a preventive maintenance policy that takes into account all these costs to minimize the total expected cost to the lessor for new item lease. The parameters of the policy are (i) the number of preventive maintenance actions to be carried out over the lease period, (ii) the time instants for such actions, and (iii) the level of action. (c) 2005 Elsevier B.V. All rights reserved.
Keyword Operations Research & Management Science
lease
preventive maintenance
Decision-making
Models
Systems
Reliability
Policies
Unreliable Equipment
Management
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: School of Mechanical & Mining Engineering Publications
2007 Higher Education Research Data Collection
 
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Citation counts: TR Web of Science Citation Count  Cited 34 times in Thomson Reuters Web of Science Article | Citations
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Created: Wed, 15 Aug 2007, 09:01:24 EST