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Type: Journal article
Title: On reliability evaluation of multi-state weighted k-out-of-n system using present value
Author: Khorshidi, H.
Gunawan, I.
Ibrahim, M.
Citation: Engineering Economist, 2015; 60(1):22-39
Publisher: Taylor & Francis
Issue Date: 2015
ISSN: 0013-791X
Statement of
Hadi Akbarzade Khorshidi, Indra Gunawan & M. Yousef Ibrahim
Abstract: 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.
Rights: © 2015 Institute of Industrial Engineers
RMID: 0030046689
DOI: 10.1080/0013791X.2014.934940
Appears in Collections:Entrepreneurship, Commercialisation, and Innovation Centre publications

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