Age replacement policy: a multi-attribute value model

The classical optimal maintenance model associated with the age replacement policy is a cost model. The effectiveness of preventive maintenance should be evaluated from multiple aspects, which reflect the main maintenance objectives. The cost model just reflects one of the objectives. This paper provides a multiple attribute value model. Four attributes are considered. They are cost, availability, reliability and lifetime. The performance measures associated with reliability and lifetime objectives are first developed. The overall performance is represented by the overall value. The model is illustrated by a numerical example.