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Optimal periodic preventive maintenance policy for leased equipment |
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| Authors: | J. Pongpech D.N.P. Murthy |
| Affiliation: | aDepartment of Industrial Engineering, Faculty of Engineering, Thammasat University, Prathumtani 12120, Thailand;bDivision of Mechanical Engineering, University of Queensland, St Lucia, Qld 4072, Australia;cNorwegian University of Science and Technology, Trondheim 4791, Norway |
| Abstract: | For leased equipment the lessor incurs penalty costs for failures occurring over the lease period and for not rectifying such failures within a specified time limit. Through preventive maintenance actions the penalty costs can be reduced but this is achieved at the expense of increased maintenance costs. The paper looks at a periodic preventive maintenance policy which achieves a tradeoff between the penalty and maintenance costs. |
| Keywords: | Equipment lease Lease contract Penalty costs Periodic preventive maintenance Optimal maintenance strategy |
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