Economic criteria to select a cost‐effective maintenance policy

The reputation of an organisation is often built through hard work on improving quality, reliability, delivery time and price. In this paper a graphical method for the selection of a cost‐effective monitoring technique is suggested. This graphical method is also used to select the most cost‐effective replacement vibration level, when a vibration‐based maintenance is implemented, i.e. when the available data are mainly condition‐based replacement. This method is based on the concept of the total time on test, TTT‐plot. The use of this method is explained by three examples.