Reliability Engineering and Replacement Theory -Aids to Maintenance Decisions

"Although the Operations Research technique of Reliability Theory has been applied with marked success in many fields, including the Apollo spaceship programs, the concept of reliability has not been generally adopted in mining and other heavy industries. Of course, reliability, or the probability that a system will be able to operate without a failure for a given interval of time, does not require the same emphasis in mining as in the aerospace industries. Nevertheless, certain aspects of Reliability Theory can be followed advantageously. For example, reliability calculations can determine the best time to overhaul and whether to retain stand-by units.The usefulness of the pseudo-operations research technique known as Replacement Theory is more readily re-cognized by the maintenance engineers in mining and other heavy industries. One of the least complex models enables the optimum Lifetime of an asset to be determined."