... maintenance cost functions obtained through empirical cost models, accounting for yield and production loss, maintenance, replacement and catastrophic failure costs. Cost variations for various possible failure distribution parameter values (β, η) under the CM and RCBM policies are also...

... transforming the preventive maintenance cost function that is expressed in terms of several variables into a more precise framework. The motivation for the work is the need to measure the total preventive maintenance scheduling cost more precisely than with the use of the existing linear cost structure...

... correct this. For an inspection frequency to be optimal, it must exactly match the failure rate of the equipment. Hence, with the use of a cost rate factor, the optimal inspection frequency can also be used as a tool for planning and forecasting maintenance costs. This paper develops an optimal model...