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primary topic: Continuous life cycle cost model for repairable system

Continuous life cycle cost model for repairable system
type: AcademicArticle
type: Article
abstract: Traditionally, the estimation of maintenance cost of a repairable system was evaluated using discrete approach based on estimated number of system failure, cost of repair as well as the interest rates. As maintenance cost represents a significant portion of overall life cycle cost (LCC), accurate estimation of maintenance cost would influence LCC analysis. However, in actuality the failure of the repairable system occurs in a continuous probabilistic manner thus the assumption of discrete occurrence is rather inaccurate. This paper presents an alternative continuous LCC model to better represent the actual operating phenomena of repairable system. The model was established based on the widely used Weibull distribution probability density function and continuous combined interest method. The result of the developed LCC model was then validated using Monte Carlo method. The result indicates that the continuous LCC model is able to accurately estimate LCC for any given time that can be useful in decision making based on life cycle cost. © Springer International Publishing Switzerland 2015.
date: 2015
volume: 19
is part of: Lecture Notes in Mechanical Engineering
status: peerReviewed
status: published
author list: authors
type: EPrint
type: ArticleEPrint
is part of: repository

Springer Heidelberg
type: Organization

Lecture Notes in Mechanical Engineering
type: Collection
issn: 21954356

M. Nasir
type: Person
given name: M.
family name: Nasir

M. Muhammad
type: Person
given name: M.
family name: Muhammad

H. Hussin
type: Person
given name: H.
family name: Hussin

A.A. Mokhtar
type: Person
given name: A.A.
family name: Mokhtar

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primary topic: Continuous life cycle cost model for repairable system