Influence of the System Downtime Cost Rate on the Performance and Robustness of Periodic Inspection and Replacement and Quantitative Inspection and Replacement Maintenance Strategies Using Monte Carlo Method

Abstract This essay analyzes the crucial role of maintenance in production and service-oriented enterprises, highlighting the necessity for integrated viewpoints in contemporary corporate management. Focusing on time-based maintenance (TBM) and condition-based maintenance (CBM) techniques, the study provides a novel criteria and applies Monte Carlo simulation for assessment. The purpose is to discover ideal values for the system downtime cost rate, establishing a balance between performance and resilience. The organized parts include deterioration and failure models, maintenance assumptions, and cost models, finishing with a summary of noteworthy results and recommendations for further investigations. The study brings significant insights into the subject of maintenance strategies and analyzes the influence of the system downtime cost rate on the performance and robustness of condition-based maintenance strategies for a system with more or less stable behavior.