On computations of the mean and variance of the number of renewals: A unified approach

On computations of the mean and variance of the number of renewals: A unified approach

0.00 Avg rating0 Votes
Article ID: iaor19962227
Country: United Kingdom
Volume: 46
Issue: 11
Start Page Number: 1352
End Page Number: 1364
Publication Date: Nov 1995
Journal: Journal of the Operational Research Society
Authors:
Keywords: probability
Abstract:

This paper presents a unified approach to finding both the mean (the so-called renewal function) and variance of the number of renewals in continuous time. Basically, it deals with three mutually exclusive situations depending on whether the inter-renewal time distribution has a closed-form (i) rational Laplace-Stieltjes transform (L-ST); (ii) irrational L-ST or (iii) it cannot be represented by a closed-form L-ST. Explicit closed-form expressions are obtained (in terms of roots) for both the mean and the variance. Asymptotic expressions in terms of roots are also obtained for large t. Numerical results are discussed for a variety of inter-renewal time distributions and their accuracies have been checked against the well-known asymptotic results and also against other numerical results available in the literature. The method discussed here can be employed for a variety of other problems occurring in areas such as queueing, inventory and reliability. The real strength of the method lies in the fact that it gives excellent results particularly in cases (i) and (ii) mentioned above.

Reviews

Required fields are marked *. Your email address will not be published.