Selection of non-repairable series systems' components with Weibull-life and lognormal-repair distributions through minimizing expected total cost of ownership approach

Abstract

In this paper a model for selecting Weibull-life and Lognormal-repair components for a series system using Total Cost of Ownership (TCO) approach is proposed. The model has been used for selecting the suppliers of the different components constituting the system. The TCO of the system is calculated for each possible combination of components available in the market and then the combination that gives the minimum TCO is considered for purchasing. The results have showed that the model is able to compromise between the different cost categories such that the optimal cost elements values are between the minimum and maximum values of the cost categories.