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A Cost-based Importance Measure for System Components: An Extension of the Birnbaum Importance

Wu, Shaomin, 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. (doi:10.1016/j.ejor.2012.09.034)

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http://dx.doi.org/10.1016/j.ejor.2012.09.034

Abstract

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.

Item Type: Article
DOI/Identification number: 10.1016/j.ejor.2012.09.034
Uncontrolled keywords: Birnbaum importance, structural function, cost-based importance, Barlow-Proschan importance, risk-based importance.
Subjects: Q Science > QA Mathematics (inc Computing science) > QA273 Probabilities
T Technology > TA Engineering (General). Civil engineering (General) > TA168 Systems engineering, cybernetics and intelligent systems
Divisions: Faculties > Social Sciences > Kent Business School > Management Science
Depositing User: Shaomin Wu
Date Deposited: 03 Jan 2014 17:11 UTC
Last Modified: 20 Jun 2019 11:21 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/37714 (The current URI for this page, for reference purposes)
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