1. The care and servicing by personnel for the purpose of maintaining equipment and facilities in satisfactory operating condition by providing for systematic inspection, detection, and correction of incipient failures either before they occur or before they develop into major defects.
2. Maintenance, including tests, measurements, adjustments, and parts replacement, performed specifically to prevent faults from occurring.
Source: from Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms
Some consider the phrase to be an oxymoron. Over-zealous 'Preventive maintenance' has sometimes been mocked as 'causative maintenance' as it is often associated with system failures.