Optimal Preventive Maintenance Policy Under a Budget Constraint Available to Purchase

We design an optimal preventive maintenance policy for a system of N items that minimizes the total expected maintenance cost. We assume that the budget for preventive maintenance is limited and constrained. The problem has a finite time horizon and we consider constant inter-preventive maintenance times for every item. The resulting nonlinear optimization problem is reformulated as a binary integer program and computation results are presented on a real data set from South Texas Project Nuclear Operating Company in Bay City, Texas, USA.