| Article ID: | iaor19981603 |
| Country: | United Kingdom |
| Volume: | 6 |
| Issue: | 1 |
| Start Page Number: | 145 |
| End Page Number: | 154 |
| Publication Date: | Jan 1995 |
| Journal: | IMA Journal of Mathematics Applied in Business and Industry |
| Authors: | Liu Xiao-Gao, Makis Viliam, Jardine Andrew K.S. |
This paper generalizes the classical model of age-based replacement by considering the effect of regular services in each replacement cycle. Each service is assumed to rejuvenate the system partially. We establish the conditions under which the model has a finite global minimum for the average cost per unit time, and provide numerical examples to show the model’s behaviour.