Importance of assessing effectiveness of repair in obtaining an optimal maintenance strategy for repairable assets
The competition and regulatory environment imposes the need for effective use of resources. Using stochastic dynamic programming the optimal maintenance strategy was obtained, see . The approach was illustrated using data from the water industry. Obviously the optimal strategy will be affected by the costs and the effect of maintenance. In a previous paper the impact of costs were considered, . In this paper the effect of maintenance is explored. It is found that ageing has an important effect on the optimal maintenance strategy
KeywordsPreventative Maintenance Stochastic Dynamic Programming Partial Likelihood Water Industry Optimal Maintenance
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