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RESEARCH PAPERS

Optimum Reliability at Minimum Cost

[+] Author and Article Information
R. G. Fenton

Department of Mechanical Engineering, University of Toronto, Toronto, Ontario, Canada

J. Eng. Ind 98(3), 1066-1068 (Aug 01, 1976) (3 pages) doi:10.1115/1.3439007 History: Received June 17, 1975; Online July 15, 2010

Abstract

An analytical expression is derived for the total cost of equipments, including initial capital cost and the present value of the inflation escalated cost of the expected failures throughout the service life of the equipment. This total cost is a function of the reliability of the equipment, therefore, using numerical optimization the most suitable equipment can be selected for which the total cost is minimum.

Copyright © 1976 by ASME
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