Abstract
This paper proposes two modified replacement policies which combine random replacement with standard age and periodic policies, where units undergo replacement at the first completion of some random working time over a planned time T, which are called replacement overtime. The expected cost rates of age and periodic replacement overtime polices are obtained, and optimal policies which minimize them are discussed analytically. Comparisons between such two overtime policies and standard age and periodic replacements are made in detail. When two costs for replacement overtime and standard age or periodic policies are the same, it is shown as estimated previously that the standard replacements are better than their overtime policies. Furthermore, two modified replacement overtime costs are discussed and computed numerically when such new policies would be better than the standard age and periodic replacements.
Published Version
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