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Reliability is one of the important parameters of the modern engineering systems. Practicing engineers and researchers have found a number of methods to increase system and component reliabilities. Increasing the safety margin, reinforcing redundancy, controlling the operating environment, employing more reliable components, and implementing a well designed maintenance policy are some of the important methods available for increasing the systems reliability. For productive systems, once they were installed, implementation of these methods except maintenance, are heavily constrained because of time, space restrictions, and economy. Number of break downs, amount of down time, size of the repair crew, fraction of nonconforming output, amount of investment, productivity and profitability of the production systems heavily depend on the maintenance. A properly balanced maintenance policy optimizes the benefits and costs of the maintenance. Productivity is a key strategy for manufacturing companies to stay competitive in a continuously growing global market. For achieving higher productivity, industrial systems adapting more advanced technologies. These systems integrate mechanical elements, electrical circuits, electronic devices, computers and software programs as subsystems and components. Recent developments such as automated manufacturing systems (AMS), lean and agile manufacturing, just in time (JIT) management systems, etc., have significantly improved the productivity. But these increased sophistications results in increased investment (Collins and Hull, 1986), increased failure rate (Luce, 1999, Vineyard et al., 2000, and Holmberg, 2001), and increased mean downtime (Robinson, 1987, and Paz and Leigh, 1994). In short, these effects results into increased down time costs and should be minimized in order to improve the return on investment (ROI). Implementation of a properly designed maintenance policy does the same.