Optimal control of a model for a system subject to random shocks

Optimal control of a model for a system subject to random shocks

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Article ID: iaor19951465
Country: Netherlands
Volume: 15
Issue: 5
Start Page Number: 237
End Page Number: 239
Publication Date: Jun 1994
Journal: Operations Research Letters
Authors: ,
Abstract:

A Markovian stochastic model for a system subject to random shocks is considered. Each shock arriving according to a Poisson process decreases the state of the system by a random amount. A repairman arriving according to another Poisson process repairs the system only if the state is below a threshold. Costs are assigned to each visit of the repairman, to each repair, and to the system being in bad states below the threshold. It is shown that there exists a unique arrival rate of the repairman which minimizes the expected long-run average cost.

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