What question did this study set out to answer?

The aim is to create and test a framework that merges hazard rate modeling with cost-based analysis for improved maintenance decisions.

A simulation-based hazard rate approach to cost-driven maintenance decision-making

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Randomized trial evaluates cost-driven maintenance strategies using hazard rates in asset management, highlighting effective choices.

The aim is to create and test a framework that merges hazard rate modeling with cost-based analysis for improved maintenance decisions.
Developed a framework integrating hazard rate modelling with cost-based analysis.
Applied simulation-based methods utilizing Weibull distributions to analyze different maintenance strategies.
Evaluated strategy performance through normalization and binning for comparability across datasets.
Found no universally superior maintenance strategy across all conditions, highlighting context-dependency.
Corrective maintenance is economically viable only in low-hazard situations, while time-based maintenance excels in wear-out phases.
Condition-based maintenance offers cost-effective balance in circumstances with monitoring capabilities.

More et al. (2026) studied this question.

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