Abstract
When the system fails, the decision to repair or replace a failed unit may depend on the estimated repair cost. Such an idea is called repair limit replacement policy. The repair limit is a limit on the amount of money which can be spent on the repair of a system. The repair limits thus provide an economic replacement policy. Examines optimal repair‐cost limits for a Weibull‐distributed time to failure and an exponentially distributed repair cost. Derives bounds for the optimal repair cost limit that minimizes the average cost per unit time for repairs and replacement. With those bounds, develops a simple algorithm to obtain the optimal repair‐cost limit. Gives numerical examples to illustrate the algorithm.
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