Fouling is one of the major uncertainties associated with the operation and maintenance of plate-and-frame heat exchangers (PHEs) in the steel and process industries. The decision regarding periodic maintenance (i.e., cleaning) to meet the target performance level is generally based on both thermal and economic behavior of the process. In this paper, we present a cost model that includes the risk level and the scatter parameter of random fouling growth models. Two models (namely, power law and exponential fouling growth) are integrated in the model. The non-dimensional cost function of reduced time is examined by considering dimensionless cost parameters, representing additional cost due to a decrease in effectiveness, pumping power cost, anti-foulant cost, cleaning cost, additional pumping power cost of the standby unit during cleaning, and miscellaneous costs. These dimensionless cost elements are examined for a PHE operating in the steel industry. The results are presented in terms of the risk level and scatter parameter for the underlying fouling models. Furthermore, a simplified closed-form solution is also obtained to study the optimal cycle time, which represents the minimum cost of operation and maintenance of heat exchangers. It is found that the optimum dimensionless cost increased by about 21 and 14% for the power law and exponential fouling models, respectively, as the risk level decreased from 0.5 to 0.01.