Abstract
We present an approach for discretizing stationary continuous-time continuous-state non-decreasing deterioration processes. This results in a discrete-time Markov chain that is represented by its transition probability matrix. Based on this approach, the easier specification of the more realistic continuous-time continuous-state models can be combined with the better analytical tractability of the discrete-time discrete-state models. We consider the gamma deterioration process as a special case and use the discretization approach combined with matrix algebra to optimize condition-based maintenance for a continuously monitored single-unit system.
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