Maintenance policies considering degradation and cost processes for a multicomponent system

This paper models the deterioration process of a multi-component system. Each deterioration process is modelled by the Wiener process. Design/methodology/approach (limit 100 words) Condition-based maintenance (CbM) is a method for reducing the probability of system failures as well as the operating cost. Nowadays, a system is composed of multiple components. If the deteriorating process of each component can be monitored and then modelled by a stochastic process, the deteriorating process of the system is a stochastic process. The cost of repairing failures of the components in the system forms a stochastic process as well, and is known as a cost process. Findings (limit 100 words) When a linear combination of the processes, which can be the deterioration processes and the cost processes, exceeds a pre-specified threshold, a replacement policy will be carried out to preventively maintain the system. Originality/value (limit 100 words) Under this setting, this paper investigates maintenance policies based on the deterioration process and the cost process. Numerical examples are given to illustrate the optimisation process