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An optimal repairable replacement model for deteriorating systems

Published online by Cambridge University Press:  14 July 2016

Lam Yeh
Lam Yeh*
Affiliation:
The Chinese University of Hong Kong
*
∗ Postal address: Department of Statistics, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong.
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Abstract

In this paper, we study a repair replacement model for a stochastically deteriorating system. For the expected discounted reward case, we show that the optimal replacement policy is of the form ‘replace at the time of the Nth failure'.

Keywords

STOCHASTIC MONOTONICITYNBUSTRONG MARKOV PROPERTYSEMI-MARKOV DECISION PROCESS

Information

Type
Research Papers
Information
Journal of Applied Probability , Volume 28 , Issue 4 , December 1991, pp. 843 - 851
Copyright
Copyright © Applied Probability Trust 1991 

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