An optimal maintenance policy strikes a balance between the costs of breakdown and preventive maintenance so that the total cost of maintenance is at a minimum.

Question

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An optimal maintenance policy aims to minimize the total cost of maintenance, which includes the costs of breakdowns and preventive maintenance. The goal is to find the right balance between these costs so that the overall cost is minimized while still maintaining the reliability and safety of the equipment or system.

An Optimal Maintenance Policy Strikes a Balance Between the Costs