Condition-based maintenance decision under risk

Failure will incur high costs. To replace and repair before failure, preventive maintenance is necessary. The suitable maintenance decision has the function of minimizing the cost of maintenance, improving operational safety and reducing the quantity and severity of system failure. In the paper, we focus on the condition-based maintenance decision for a stochastically and continuously deteriorating system. To utilize information adequately, information fusion has been studied in the condition-based maintenance decision model. Considering the uncertainty and risk, Bayesian risk decision method has been for condition-based maintenance decision. The example shows the method effective.