Joint optimization of condition-based and age-based replacement policy and inventory policy for a two-unit series system

• Published in: Reliability engineering & system safety Vol. 205; p. 107251
• Main Authors: Wang, Jingjing, Qiu, Qingan, Wang, Huanhuan
• Format: Journal Article
• Language: English
• Published: Barking Elsevier Ltd 01.01.2021; Elsevier BV
• Subjects: Age; Age-based replacement policy; Condition-based replacement policy; Inventory policy; Joint optimization; Maintenance costs; Markov processes; Optimization; Reliability engineering; Semi-Markov decision process; Spare parts; Transition probabilities; Turbines; Wind power; Wind turbines; Inventory policy; Condition-based replacement policy; Joint optimization; Semi-Markov decision process; Age-based replacement policy

•A joint optimization model of condition-based and age-based replacement policy and inventory policy is formulated.•Two failure modes are considered for a series system with two non-identical units.•Semi-Markov decision process is utilized to solve the complex optimization problem. This paper propos...