Abstract
This paper considers and extends the preventive replacement model with a cumulative repair-cost limit policy by introducing the random lead time for replacement delivery. A cumulative repair-cost limit policy uses information about a system's entire repair-cost history to decide whether the system is repaired or replaced. A random lead time models delay in delivery of a replacement once it is ordered. Long-run expected cost per unit time is formulated, and the optimal scheduled time for preventive replacement minimizing that cost is derived. Existence and uniqueness of that optimal time are shown, and the structural properties are presented. Various special cases are included and compared, and a numerical example is demonstrated.
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 callMore From: Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability
Disclaimer: 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.
