Optimal model of risk allocation analysis based on maintenance costs

Risk-based equipment maintenance (RBM) is a maintenance optimization technology to control equipment risk. It needs to identify the size of acceptable risk for the system, and the system risk can be controlled at an acceptable level within the scope. This paper first proposes a definition for equipment risk, and then formulates a cost-based equipment risk allocation optimization model. While the reverse failure tree researches pursue the same target, but at the designated risk target level, the costs based risk allocation model can provide risk allocation results with lower total maintenance costs for the system.