%0 Journal Article
%T Bi-objective optimization of non-periodic preventive maintenance strategy by considering time value of money
%J Scientia Iranica
%I Sharif University of Technology
%Z 1026-3098
%A Salmasnia, A.
%A Shahidian, A.
%A Seivandian, M.
%A Abdzadeh, B.
%D 2020
%\ 12/01/2020
%V 27
%N 6
%P 3305-3321
%! Bi-objective optimization of non-periodic preventive maintenance strategy by considering time value of money
%K warranty
%K non-periodic preventive maintenance
%K time value of money
%K bi-objective optimization
%R 10.24200/sci.2019.51791.2365
%X Recently, design of preventive maintenance (PM) policies during the warranty period has attracted the attention of researchers. The methods mainly design warranty servicing strategies in a way that reduce the cost imposed on the manufacturer without considering the impact of customer dissatisfaction. While dissatisfaction with a product is an important issue which may result in the loss of potential buyers and switching existing buyers to competitors. Therefore, this study develops a bi-objective model which simultaneously minimizes the manufacturer and the buyer cost under a Non-homogeneous Poisson Process framework. Also, a non-periodic preventive maintenance strategy is presented in which PM actions are performed at discrete time instants in a way that the expected number of failures remains a constant value over all PM intervals. Furthermore, it is a known fact that the value of money reduces over time due to different reasons and has a significant impact on long-term contracts. Since PMs and repairs are conducted at different times, the time value of money is considered to estimate the cost more accurately. A comparative study is conducted to support this claim that the presented non-periodic reliability-based PM policy has a better performance in comparison with a periodic PM policy.
%U https://scientiairanica.sharif.edu/article_21384_0bb84f78cffebf6a3477529b80d578c9.pdf