Abstract:

Effective maintenance planning is essential for reducing Life Cycle Cost (LCC) of capital intensive industrial systems. Such systems are generally maintained at fleet level. Fleet level maintenance planning decisions, like level of repair decisions and spare parts stocking decisions, largely contribute to the Life Cycle Cost of the systems. In the present research, an integrated approach is developed to simultaneously optimize the level of repair decisions and spare parts stocking decisions while minimizing the Life Cycle Cost (LCC) of fleet maintenance. In this research, failures of machine components are modeled using time dependent failure rate models thereby making the analysis more practical.