Availability-Based Optimization of Preventive Maintenance Schedule: A Parametric Study

The current work proposes an approach based on equipment availability which is incorporated in a Benefit function, the latter being the net cost saved by applying a Preventive Maintenance (PM) vis-a-vis Corrective Maintenance (CM). The Benefit function is maximized to obtain the optimal maintenance schedule. The effect of variation of different PM parameters - namely, maintenance repair rate and cost, inspection rate and cost - on the optimal Benefit and PM schedule is also simulated. The results show that benefit increases with increase in repair and inspection rates, but decreases with increasing repair and inspection cost.