Robust‐optimum multi‐attribute age‐based replacement policy

Abstract

PurposeA common model in the age‐based replacement policy is based on the cost attribute and assumes that the model parameters are known. In practice, the model parameters are estimated from limited historical data, which brings uncertainty into the model. Moreover, minimizing the cost is not the only goal of the maintenance activity. From the decision maker's point of view, the multi‐attributes and the uncertainty of the age‐based replacement policy are two important aspects to take into consideration in the decision‐making process. The purpose of this paper is to propose an approach for a robust‐optimum multi‐attribute age‐based replacement policy.Design/methodology/approachThe proposed approach is based on a combination of the multi‐attribute age‐based replacement policy and robust design problem philosophy. A case study is provided for illustrating the application of the proposed method.FindingsIt is found that the proposed approach can determine the interval time for preventive replacement that provides a robust and optimum solution for a multi‐attribute age‐based replacement policy.Practical implicationsThe proposed approach can be used by the decision maker in determining a robust‐optimum interval time for preventive replacement of multi‐attribute age‐based replacement, a time interval which is not only optimum, but also robust.Originality/valueThis paper presents an approach that simultaneously considers the multi‐attributes and the uncertainty in the age‐based replacement policy which is, to date, not available.