Preventive replacement with defaulting

Alotaibi, NM, Cavalcante, CAV, Lopes, RS and Scarf, PA ORCID: 2020, 'Preventive replacement with defaulting' , IMA Journal of Management Mathematics, 31 (4) , pp. 491-504.

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This paper models age replacement and block replacement when there is the possibility of defaulting on the planned maintenance. A default occurs when a planned preventive replacement is not executed, and we discuss how defaults can arise in practice. Our aim is to study the robustness of block replacement and age replacement, bearing in mind that (a) these policies are frequently used in practice, (b) in the standard scenario (no defaulting) age replacement has a lower economic cost rate than block-replacement and (c) block replacement is simple to manage because component age does not have to be monitored. We model defaults as independent Bernoulli trials. We prove that a cost-minimizing critical age for replacement in the age policy with defaulting exists if the time to failure distribution has an increasing failure rate. A numerical study of the policies indicates that: age replacement is effective if maintenance control is good, that is, when there is only a small chance of defaulting; block replacement is relatively robust to defaulting (postponement), but less so to lack of knowledge about component reliability.

Item Type: Article
Additional Information: ** Article version: VoR ** From Crossref via Jisc Publications Router **Journal IDs: pissn 1471-678X; eissn 1471-6798 **History: issued 15-04-2020; published_online 15-04-2020 **License for this article: starting on 15-04-2020, ,
Schools: Schools > Salford Business School
Journal or Publication Title: IMA Journal of Management Mathematics
Publisher: Oxford University Press
ISSN: 1471-678X
Related URLs:
Funders: Conselho Nacional de Desenvolvimento Científico e Tecnológico, Brazilian Research Council
SWORD Depositor: Publications Router
Depositing User: Publications Router
Date Deposited: 16 Jul 2020 14:56
Last Modified: 27 Aug 2021 21:39

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