Journal
RELIABILITY ENGINEERING & SYSTEM SAFETY
Volume 216, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.ress.2021.107912
Keywords
Value of information; Gamma process; Bayesian updating; Inspection; Preventive maintenance; Life cycle cost; Temporal uncertainty; Parameter uncertainty
Funding
- Natural Sciences and Engineering Research Council of Canada (NSERC)
- University Network of Excellence in Nuclear Engineering (UNENE), Canada
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This paper presents a model to quantify the economic value gained by implementation of an inspection and preventive maintenance program, emphasizing the intricate interaction between parameter and temporal uncertainties associated with the degradation process. The research shows that the economic value is significantly sensitive to the prior information and relative costs of preventive and corrective maintenance.
This paper presents a model to quantify the economic value gained by implementation of an inspection and preventive maintenance program for managing an ageing component population. The proposed approach is a refinement of the Bayesian value of information analysis through the consideration of an intricate interaction between parameter and temporal uncertainties associated with the gamma process of degradation. This paper presents an analytical formulation and computational approach to solve this complex problem in a multivariate setting. The paper shows that the economic value is significantly sensitive to the prior information and relative costs of preventive and corrective maintenance. Since the value of inspection is dominated by a reduction in the parameter uncertainty of the gamma process model, lifecycle cost optimization which ignores this aspect would lead to a sub-optimal solution of the problem.
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