Wu, Shaomin and Coolen, Frank .P.A. (2013) A Cost-based Importance Measure for System Components: An Extension of the Birnbaum Importance. European Journal of Operational Research, 225 (1). pp. 189-195. ISSN 0377-2217 .
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In reliability engineering, component importance measures are used to prioritise components in a system for purposes such as reliability improvement and maintenance planning. Existing importance measures have paid little attention to the costs incurred by maintaining a system and its components within a given time period. Cost-effectiveness analysis, however, is critically important in increasingly competitive markets. This paper proposes a new cost-based importance measure which considers costs incurred by maintaining a system and its components within a finite time horizon. Possible extensions are discussed and examples are given to show the use of the new measure. Â© 2012 Elsevier B.V. All rights reserved.
|Additional information:||Unmapped bibliographic data: PY - 2012/// [EPrints field already has value set] JA - Eur J Oper Res [Field not mapped to EPrints] AD - Kent Business School, University of Kent, Canterbury, Kent CT2 7PE, United Kingdom [Field not mapped to EPrints] AD - Department of Mathematical Sciences, Durham University, Durham DH1 3LE, United Kingdom [Field not mapped to EPrints]|
|Uncontrolled keywords:||Barlow-Proschan importance, Birnbaum importance, Cost-based importance, Risk-based importance, Structural function|
|Subjects:||H Social Sciences
H Social Sciences > HA Statistics > HA33 Management Science
|Divisions:||Faculties > Social Sciences > Kent Business School
Faculties > Social Sciences > Kent Business School > Management Science
|Depositing User:||Cathy Norman|
|Date Deposited:||26 Oct 2012 15:50|
|Last Modified:||23 May 2013 08:33|
|Resource URI:||http://kar.kent.ac.uk/id/eprint/31992 (The current URI for this page, for reference purposes)|
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