Abstract
In reliability engineering component importance measures (CIM) is used for prioritization of system component for system reliability improvement, maintenance and system risk etc. Most of the literature on component importance measure deals with different importance measures without considering cost [1][15][23-25]. Practically redundancy is most useful way of improving system reliability. In this paper, a new cost based importance measure termed as cost based heuristic redundancy importance measure (CBHRIM) is proposed for ranking of component. To the best of our knowledge such an importance measure does not exist. The results of this measure are demonstrated with the help of all digital protection system and compared with classical importance measures.
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