Optimal preventive maintenance interval model with time value of money consideration

The search for a plant maintenance strategy to mitigate the impact of random factory machine failures has never been more challenging. Apart from harsh global competition, manufacturing facilities have become sophisticated and expensive; frequent prolonged breakdowns may ruin firm’s business. Consequently, many turned Preventive Maintenance (PM) solution. However, efficacy PM shown depend on finding time interval decision model capable incorporating most relevant cost components. While past studies considered system set-up, execution, breakdown components, literature is sparse models borrowing money. Exploring feasibility developing such aim this study. Accordingly, maintenance-investment function was formulated in terms reliability; problem then defined solved as that investment minimization. Using three cases literature, optimal intervals (238.11, 14695.28, 2076.54), failure probabilities (0.71, 0.35, 0.61), costs preventive (840950.87, 149352.55, 33979.57) were found be reasonable.