System reliability optimization using time value of money

Abstract

In the recent years, many significant methods for evaluation of structural system reliability and its improvement have been evolved. First step for improving the longevity of system is to estimate the system reliability. After that, improving actions can be employed in an optimized way. This paper tries to evaluate the reliability of system during function period. Also, the optimization model has been developed to make a best decision on component's number and improving actions' level. To achieve this goal, reliability value and engineering economic tools have been useful to model a multiobjective problem. At last, an illustrative example is presented, and genetic algorithm, as the most appl..