Most reliable age replacement policy; a new hazard rate analyzing mathematical model

This paper represents a new development on the basic classical age replacement policy, heuristically using the reliability function. First, an applied mathematical model of reliability function is obtained, and then based on this model; optimal preventive age replacement policy will be determined to maximize the reliability of the system. For the special systems which meet exponential density function with constant hazard function, a different simple decision making model will be proposed to choose optimal replacement policy based on the reliability function. A real case study will be reviewed on the maintenance data collection of two different industrial machines that one of them meets the Weibull density and other one has Exponential density function as life time pattern.