This paper considers a two unit cold standby redundant system subject to a single repair facility with exponential failure and general repair time distribution. Each unit can work in three different modes — normal, partial failure and total failure. There is a perfect switch to operate the standby unit on total failure of the operative unit. The system has been analysed to determine the reliability parameters e.g. mean time to system failure (MTSF), steady state availability, mean recurrence to a state and expected number of visits to a state, first two moments of time in transient state, by using the theory of Semi-Markov Process. Howard's reward structure has been super-imposed on the Semi-Markov Process to obtained expected profit of the system. A number of results obtained earlier are derived as particular cases.
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