Condition-based maintenance for a K-out-of-N deteriorating system under periodic inspection with failure dependence

This paper deals with condition-based maintenance policy of a K-out-of-N deteriorating system with failure dependence. The intrinsic degradation of each component is modelled with a pure jump Lévy process. The idea of the failure dependence is motivated by complex engineering systems where the failure of one component may cause a momentary, transient shock to the system. The effect of the shock is modelled by a random magnitude of increment in...