On Reliability Evaluation of Multistate Weighted k-out-of-n System Using Present Value

A new reliability evaluation methodology for multistate weighted k-out-of-n systems is presented in this article. The present value of the cash flow generated by the system components is used as a reliability value. We take a financial view of reliability and consider functioning periods and the tim...

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Bibliographic Details
Published in:The Engineering economist 2015-01, Vol.60 (1), p.22-39
Main Authors: Khorshidi, Hadi Akbarzade, Gunawan, Indra, Ibrahim, M. Yousef
Format: Article
Language:English
Subjects:
Algorithms
Assessments
Cash flow
Maintenance
Mathematical analysis
Methodology
Policies
Present value
Recursive
Reliability analysis
Reliability engineering
Studies
System reliability
Systems analysis
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Summary:A new reliability evaluation methodology for multistate weighted k-out-of-n systems is presented in this article. The present value of the cash flow generated by the system components is used as a reliability value. We take a financial view of reliability and consider functioning periods and the time value of money in system reliability analysis. Two approaches, the universal generating function (UGF) and recursive algorithm, are applied to evaluate the reliability of the multistate weighted k-out-of-n system. An illustrative example is calculated based on the proposed system reliability evaluation methodology. It is shown that this evaluation method can also be used to find the value of the maintenance policy. Finally, the UGF and recursive algorithm approaches are compared with each other for large system reliability assessment.
ISSN:0013-791X
1547-2701
DOI:10.1080/0013791X.2014.934940