Condition based maintenance policy for series-parallel systems through Proportional Hazards Model: A multi-stage stochastic programming approach.

•Developing a CBM model with PHM through multi-stage stochastic optimization for series-parallel systems.•Presenting a dynamic control limits per each inspection for each component.•Considering a finite plan horizon for PHM based CBM resulted in contemplating reliability threshold.•Proposing a hybrid meta-heuristic algorithm to solve the CBM model.