Optimal maintenance policy under a threshold value on failure rate for repairable leased facilities

摘要

This paper investigates the optimal maintenance policy for leased facilities with a threshold value on failure rate. Consider that a new facility is leased with a pre-specified lease period. Within the lease period, if the failure rate of the facility reaches a threshold value, then preventive maintenance (PM) actions are performed by the lessor to improve the performance of the facility. If the facility fails within the lease period, then a minimal repair is carried out to bring the facility back to the operating condition. After minimal repair, the facility operates normally but the failure rate of the facility remains unchanged. In this paper, we derive the optimal threshold value of failure rate for PM such that the expected total cost within the lease period is minimized. Some properties of the optimal maintenance policy are derived. Finally, the performance of the optimal maintenance policy is demonstrated through some numerical examples.