Abstract
The concern of this paper is twofold: (i) elaboration on the role of the marginal cost analysis (MCA) method in the study and optimization of maintenance policies; (ii) the study of a repair and replacement policy where the decision whether to repair a failed item or replace it is based on the repair costs: those encountered now and those anticipated in the future (the policy is an extension of another one which bases this decision solely on the present repair costs). The situation of incomplete information on the underlying life distribution is also considered in which case a Bayesian inference procedure is associated to the failure process and its results incorporated into the repair or replace decision process at failures. These two goals are interlinked in that on one hand the repair and replacement policy is analyzed and optimized by using the MCA, and on the other hand this provides yet another illustration for the application of the MCA and its adaptability to model and policy generalizations.
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.
