Abstract
A problem of determining the form of optimal replacement policies is treated. Equipment whose changes of state can be described by a finite Markov chain are considered. The objective of the replacement policy is the maximization of the expected time between replacements while keeping the probabilty of an in-service failure below a specified bound. It is shown that, if the equipment “ages,” a replacement policy of simple structure called a randomized control limit rule will be optimal. Such a policy can be determined by linear programming.
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.
