Approach for Analysis of Components Failure Rate Used for System Maintenance and Risk Decision Making
Reliability, numbers of spare parts and repair time have major impact on system’s availability. In this chapter we have observed a repairable system under maintenance contract. Maintenance contracts serve to improve system’s availability and they have been studied extensively in recent times. These studies showed that inventory level does not impact system’s availability as much as component reliability, failure time and repair time in a system operating under maintenance contracts. Thus, this paper aims to set a framework for repair rate by emphasizing its stochastic nature.
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