Abstract
A machine maintenance problem were the deterioration of the machine is subject to additive random noise is considered. The objective is then to maximize the discounted net return of the machine. Furthermore, it is also required that the machine maintains a sufficiently good quality state with certain degrees of confidence in part or whole of the machine life span. This problem can be formulated as a constrained stochastic optimal control problem. It is then shown that the stochastic optimal control problem can be converted into an equivalent deterministic optimal control problem and subsequently solved by the technique of control parametrization. Numerical examples are presented to illustrate some of the interesting features of the model.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
