Optimal condition-based maintenance policy for leased equipment considering hybrid preventive maintenance and periodic inspection

Abstract

Innovations in technology have made the structure of leased equipment more complex, which poses a challenge for lessors to develop maintenance policies. In view of the situation that the single periodic preventive maintenance (PM) policy during leasing activities may cause excessive or insufficient maintenance on the leased equipment, a condition-based maintenance (CBM) policy considering hybrid preventive maintenance (HPM) and periodic inspections is proposed. This policy contains imperfect preventive maintenance (IPM), preventive replacement (PR) and corrective maintenance (CM). The lessor can decide to take maintenance actions depending on whether the state of the equipment reaches the corresponding maintenance threshold. The warranty period of the leased equipment is also considered. To seal the deal, the lessor will give a discount on the rental to cover the CM costs and penalties out of the warranty period. To minimize the lessor's costs, we propose a CBM decision model to determine the optimal inspection period, PM threshold and PR period. The results show that the HPM policy can reduce leasing costs by about 5 –15 % for the lessor compared to that of the single PM policy.