In this article a number of maintenance models for finite horizons are reviewed. These methods have not been applied as frequently as their infinite horizon counterparts, and yet are very much applicable to systems under maintenance and repair contracts. The emphasis in this paper is on repairable systems under maintenance and repair contracts, where the decision has to be made whether and when to repair or replace the system. Based on a case study, a new finite horizon model will be constructed and new approaches to analyze and improve repair/replacement decisions under a finite horizon introduced. Finally, the meaning of 'risk' and 'criticality' in the context of maintenance contracts will be discussed and quantified.
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