
Our Software —
OREST:
Optimal Replacement of Equipment in the Short Term
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Educational Version DEMO
OREST software is designed to help managers analyze their reliability
data and obtain optimal replacement policies based on the data available. Using
information about components; failure and suspension event information; and operating
cost functions for components, OREST can execute Trend Analysis of failure data,
and Weibull Analysis, and then obtain the optimal preventive replacement policy.
OREST will also identify the optimal changeout time for components
that do not unexpectedly fail, but result in a decreasing level of performance
as they age.
Input

Componentsage, cost, number in service, planning horizon, preventive and
failure replacement costs

Event Datatype (failure or suspension), frequency, age

Operating Costoperating cost at each age interval
Output
OREST software will enable you to establish the optimal preventive replacement
age in two scenarios:

Deterministic Preventive

Age Preventive Replacement

Trend analysis to test if the failure process of a item has one of the following
trends: reliability growth, reliability deterioration, no reliability trend

Weibull analysis to determine the shape parameter of the failure distribution

Establish optimal changeout time of an item through balancing the preventive
replacement cost and the failure replacement cost to minimize expected total cost
per unit time
