A non-linear programming approach to maintenance budgeting for multi-component systems

Maintenance budgeting refers to optimally allocating monetary resources so as to minimize the sum of (deterministic) preventive maintenance and (stochastic) corrective maintenance and unavailability costs. We propose a non-linear programming formulation for this problem, for a complex, multi-component system. Results of a case study for a combined cycle thermal power plant indicate the applicability of the proposed approach.