ABSTRACT
The squeaking wheel doesn’t always get the grease. Sometimes it gets replaced.
—Vic Gold
The goal of this chapter is to present models that can be used to optimize component replacement decisions. The interest in this decision area is because a common approach to improving the reliability of a system, or complex equipment, is through preventive replacement of critical components within the system. Thus, it is necessary to be able to identify which components should be considered for preventive replacement, and which should be left to run until they fail. If the component is a candidate for preventive replacement, then the subsequent question to be answered is: What is the best time? The primary goal addressed in this chapter is that of making a system more reliable through preventive replacement. In the context of the framework of the decision areas addressed in this book, we are addressing column 1 of the framework, as highlighted in Figure 2.1.
