Condition-Based Maintenance Policies for Modular Monotic Multi-state Systems

In this work, we consider a modular monotonic multi-state system, i.e., a system with several components evolving in different states, where the maintenance of a component cannot impair the performance of the system. A structure function provides the system performance depending on the states of its components. Furthermore, we suppose that for each component, the deterioration over time can be described by a deterministic or stochastic process with known properties. The amount of money to be spent on the components’ maintenance is limited by a given budget. A loss in the system performance results in opportunity costs. We try to find a component-specific maintenance policy which minimizes the opportunity cost over a finite planning horizon.