A Method of Estimating the Optimum Mean Life of Plant Groups

Abstract

This paper describes a method of optimizing average service life of plant groups. The method is stochastic or statistical rather than deterministic, in the sense that a time-frequency distribution of failures is employed. Simplified methods are introduced for determining current average life and for correlating maintenance expense with age of plant. The effects of replacement and of inflation are considered. An example of a computer solution is given.