This paper presents a condition-based maintenance policy considering aspects of maintenance cost and productivity for a single unit deteriorating production system whose condition is periodically monitored. Imperfect preventive maintenance actions, which restore the production system to better than old, are considered with both deterministic and random intervention gains. Moreover the system is assumed to be repaired only a limited number of times. In order to assess the performance of the proposed maintenance policy, different types of imperfect preventive maintenance cost functions are investigated. A numerical example of a multi state production system is finally introduced to illustrate the use and the advantages of the proposed policy.