This paperexplores semi-Markov processes to analyze MTSF and profit of a cold standby systemconsisting of two identical units and a service facility (called server).A stochastic model isdeveloped by consideringserver failurein operation mode. All the random variables i.e. failuretime, repair time, treatment time and replacement time are assumed to follow arbitraryprobability distribution.Some essential measures of system performance are derived usingregenerative point technique of renewal theory. Thesimulation results fora particular case
areobtained to illustrate usefulnessof the study.