The aim of this paper is to develop a new tool for reliability and failure mode analysis by integrating the conventional aspects of the popular failure mode and criticality analysis (FMECA) procedure with economic considerations. Here FMECA is approached as a multi‐criteria decision making...

Purpose – The purpose of this paper is to present a reliability centered maintenance (RCM) embedded integer linear programming approach (suited to the budget monetary resources allocation task) to the maintenance strategies mix selection for an industrial plant equipment....