Maintenance plays a significant role in increasing the overall profit of an organization. However, the lack ofefficient maintenance strategy selection procedures causes the operating costs to increase thereby decreasing theorganizational profit. A review of the commonly used maintenance strategy selection models shows that the profitgenerated by the strategies is not considered during the selection process. This paper proposes an empirical approachfor selecting the best maintenance strategy for a set of equipments based on the profit levels. The proposed modeluses simulation for calculating the total maintenance time (TMT) and total maintenance cost (TMC) of theequipments under different maintenance scenarios. The maintenance scenarios selected is used for determining thetotal number of maintenance strategies. The simulated values are then used in an Excel based analytical model forcalculating the mean profits of the maintenance strategies. The mean profits are tested for statistical significance andthe strategy with the highest profit value and minimum variance is selected as the best maintenance strategy. Finallythe selected strategy is validated by simulating the system and comparing the process metrics with the existingstrategy metrics.
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