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ABSTRACT
For a continuous-time multi-state Markovian deteriorating (production) system subject to aging and fatal shocks and with states 0 (perfect state)<1<2< …<L (complete failure), we propose a control limit maintenance policy such that the system is inspected at T, 2T, … to identify system state and then a action from {do-nothing, repair, replacement} is taken. The policy considers three decision variables, repair threshold, replacement threshold and inspection interval, and is evaluated in terms of expected long-run cost rate. An iterated algorithm is developed to obtain the optimal policy and the implementation of the policy is illustrated by a numerical example. This policy includes numerous maintenance policies in the literature as special cases and can be applied quite generally.