Estimation of Impact of Maintenance Policies on Equipment Risk of Failure

This work shows an approach to solve a problem of estimation of hazard rate of equipment under different maintenance policies. This approach is based on a model of equipment deterioration over time. The main incentive when building the model was to make it feasible to directly feed into the model real failure data obtained from historical maintenance records. Using this approach it is possible to estimate remaining life and hazard rate of a piece of equipment under a fixed maintenance policy. To illustrate the method discussed, a numerical example is given based on real life data. This example suggests that in some cases it is possible to express the relationship between some parameters of the maintenance policy and the equipment hazard function in the form of Cox proportional hazards model