Abstract
In this paper, we consider an interval estimation of the age replacement problem, where the underlying failure time probability is given by the two-parameter Weibull distribution. The parametric bootstrap is used to obtain the probability distribution of an estimator for the optimal age replacement time minimizing the expected cost per unit time in the steady state. We focus on both cases with complete and incomplete samples of failure time data, and calculate not only the higher moments of an estimator for the optimal age replacement time but also the confidence interval.
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