A financial view has been proposed for reliability evaluation of multi-state weighted k-out-of-n:F systems. The cost which is imposed on the components by failures is employed as reliability index. It is used to define a weight for each component. It also provides an opportunity to analyze the reliability of functioning periods in addition to design time in evaluation process. Furthermore, time value of money can be considered in system reliability assessment. The Universal Generating Function (UGF) has been applied to estimate the multi-state weighted k-out-of-n:F system reliability based on components’ reliability measures. At last, the present value of failure cost is calculated using system reliability measures. An illustrative example is provided for the proposed system reliability evaluation.
Financial and Reliability Evaluation on Multi-State Weighted k-out-of-n:F System
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