The concept of a risk-averse maintenance policy is introduced, and two approaches to modelling it are discussed, the first being via utility functions, and the second via inflation of the costs of unscheduled failures. After introducing a general methodology, several examples of its application...

Successful strategies for maintenance and replacement require good decisions. We might wish to determine how often to perform preventive maintenance, or the optimal time to replace a system. Alternatively, our interest might be in selecting a threshold to adopt for action under condition...