Optimal Maintenance Policies for Power Equipment

In the present business environment of competition and re-regulation, the determination of asset values and methods of reaching the best investment decisions are of increasing interest. Traditional approaches to establish maintenance and replacement expenditures can no longer satisfy regulators or bottom-line-driven decision-makers. Armed with such a vision, this chapter addresses the subject of optimal maintenance policies for power equipment. The chapter starts with a discussion on how the life curves could be used to find an optimal maintenance policy. The presentation will show that once the life curves are generated for various maintenance policies, a most advantageous one from the life extension point of view can be selected performing a sensitivity analysis. However, for finding a true optimized policy, a mathematical model is needed. To address this issue, the chapter discusses briefly deterministic and probabilistic modeling of maintenance activities and it focuses on a Markov model that could be optimized with respect not only to the remaining life of the equipment but also to its availability and the maintenance costs.

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