ABSTRACT
This chapter is an attempt to develop a semi-Markov model of a ship’s electric power generation system. The study aims to investigate the system’s reliability performance and its maintenance policy implications, considering specific requirements to meet the internationally established standards whereas stochastic models assist to the identification of different options concerning maintenance policy. Markov and semi-Markov models provide main directions through probabilities towards the development of an optimal maintenance policy for marine power generators, assuring the minimum level of electric power output according to the minimum ship’s reliability requirements. Using multi-state systems theory the final goal of the study is to develop alternative aspects of maintenance policy concerning the ship’s electric power generation system, indicating the importance of the human capital management resulting to its cost structure optimization.
