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A value-adding approach to reliability under preventive maintenance costs and its applications
Date
2014-01-01
Author
Kilic, Erdem
Ali, Sadia Samar
Weber, Gerhard Wilhelm
Dubey, Rameshwar
Metadata
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This work is licensed under a
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
.
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No equipment (system) can be perfectly reliable in spite of the utmost care and best efforts on the part of the designer, decision-maker and manufacturer. The two sides of maintenance are corrective and preventive maintenance. It is generally assumed that a preventive maintenance action is less costly than a repair maintenance action. We examine this proposition in detail on the basis of a failure-time model that relates conformance quality to reliability. Illustratively, we present reliability in the context of contracts with asymmetric information. The model shows how to overcome information rents through price distortions and quantity rationing. The paper ends with a conclusion and an outlook to future studies.
Subject Keywords
Management Science and Operations Research
,
Control and Optimization
,
Applied Mathematics
URI
https://hdl.handle.net/11511/51514
Journal
OPTIMIZATION
DOI
https://doi.org/10.1080/02331934.2014.917301
Collections
Graduate School of Applied Mathematics, Article