A New Approach for the Assessment of Maintenance Policies on Stochastically Deteriorating Systems

SUMMARY & CONCLUSIONSThis paper presents a new methodology for the long-run performance assessment of condition-based maintenance policies on stochastically deteriorating systems, by analyzing the steady-state performance of the systems. Both a simulation-based heuristic approach and a Markov Chain (MC)-based approach are adopted for the steady-state performance analysis and compared for the evaluation of different condition-based maintenance policies. To illustrate the developed framework and methods, threshold-based maintenance policies applied to battery energy storage systems are evaluated using both reliability and economic assessment metrics. With the developed approaches, the analysis has discovered that a higher battery replacement threshold will lead to higher fulfillment of the capacity requirement while resulting in more operating cost as well. The presented case study demonstrated the efficacy of the developed performance assessment framework for condition-based maintenance policies on stochastically deteriorating systems.