Integrating Economic Considerations to Develop a Component Replacement Policy Based on a Cumulative Wear-Based Indicator for a Vehicular Component

Methods, systems, and computer program products for generating a vehicular component replacement policy are provided herein. A method includes, for each of multiple lifetime wear indicator functions associated with a vehicular component, wherein each lifetime wear indicator function comprises a transformed time scale plotting wear indicator values over a period of time, determining multiple corresponding candidate threshold values on the transformed time scale; calculating: a survival probability function for the vehicular component based on each transformed time scale, an average runtime of the vehicular component prior to failure, and an average runtime of the vehicular component prior to a scheduled replacement; calculating an economic criterion value for each given threshold value based on the above calculations and one or more economic parameters; generating the replacement policy to include (i) the lifetime wear indicator function that optimizes the economic criterion value and (ii) the corresponding threshold value.