Planning maintenance when resources are limited: a study of periodic opportunistic replacement

We study an aged-based replacement policy with two control limits. The first triggers opportunistic replacement and the second triggers a guaranteed replacement. The policy is novel because: the instances for component replacement are restricted to instances of time, which we call slots, that arise periodically; and a slot provides an opportunity for replacement with a particular probability. The policy models contexts in which maintenance is periodic, and resources are limited or execution of maintenance is not guaranteed. The policy is important for practice because it is simple and reflects the common reality of time-based maintenance planning. Long-run cost per unit time and average availability are calculated in a renewal-reward framework. Numerical study indicates that, if opportunities are rare, guaranteed replacement is beneficial and opportunities should be taken early in the life of a system. Using the policy, a maintainer can evaluate the cost–benefit of investing more resources to reduce the time between slots. Specific analysis and policy comparisons can be carried out using a web-application developed by the authors.