Interval Determination and Compiling of the Program

1 Select a critical component or a set of identical components of the selected system/asset in
assignment 1 that you think requires a renewal/replacement policy. (5 Marks)
2 Collect/obtain data and all relevant information to establish the design, life and failure
history and cost elements for the selected critical component or a set of identical component.
(5 Marks)
3 Make all required assumptions and if required use Weibull distribution with reasonable
shape parameter, scale parameter and location parameter. you can review the assumptions and use
of Weibull distribution in the notes and literature. (5 Marks)
4 Decide on which renewal/replacement strategy best represents the approach to the
component maintenance, usage based or condition based, for example:
a. Age replacement of individual component.
b. Block replacement of individual components.
c. Age replacement of all components treated as a single component
d. Replacement on failure
e. Condition based renewal/replacement
f. Condition monitoring or continuous monitoring
Explain the reasoning behind your selection of strategy. (15 Marks)
5 Undertake the required quantitative analysis to determine whether the selected
renewal/replacement strategy is acceptable/efficient. Suggest alternatives if appropriate and
substantiate your suggestions. Your answer may include consideration of more than one strategy
(50 Marks)
6 Determine the optimum/safe renewal/replacement criteria in terms of total cost, cost rate,
inspection interval or number of inspection and identify benefit; e.g annual saving that may be
defined as a result of the analysis.
(20 Marks)