Probabilistic Approach to Maintenance Schedulingby Walter O. Wunderlich,
Abstract: Maintenance has the purpose of prolonging the working life of equipment and of sustaining expected levels of performance and reliability. If equipment deterioration is construed as a probabilistic transition process, the maintenance decision becomes a decision under uncertainty. A method is discussed that models the transitions as a Markov process and the decision maker's perception of risk by a utility function.
Subject Headings: Maintenance | Markov process | Equipment and machinery | Risk management | Uncertainty principles | Hydraulic models | Lifeline systems
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