Maintenance Budgeting based on Predictive and Prescriptive Strategies

This paper is concerned with developing an approach for estimating the maintenance costs, budgeting maintenance, and searching for opportunities to reduce maintenance costs. The proposed approach refers to predictive and prescriptive maintenance, and it is dedicated to companies that are interested in creating budgets for improving maintenance performance. Prediction models are based on regression analysis and artificial neural networks. The proposed approach uses the identified relationships to predict maintenance performance, and then to identify ways of improving maintenance performance. Consequently, this approach allows maintenance managers to find such changes in a maintenance system, by which the acceptable maintenance cost can be achieved. A number of inspections of machine components and the duration of maintenance were used as an example of variables that can improve maintenance performance.