A cost-based importance measure for system components: An extension of the Birnbaum importance |
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Authors: | Shaomin Wu Frank P.A. Coolen |
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Affiliation: | 1. Kent Business School, University of Kent, Canterbury, Kent CT2 7PE, United Kingdom;2. Department of Mathematical Sciences, Durham University, Durham DH1 3LE, United Kingdom |
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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. |
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Keywords: | Birnbaum importance Structural function Cost-based importance Barlow&ndash Proschan importance Risk-based importance |
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