Optimal replacement policies with minimal repair and age-dependent costs

Optimal replacement policies with minimal repair and age-dependent costs

0.00 Avg rating0 Votes
Article ID: iaor19991108
Country: Netherlands
Volume: 98
Issue: 1
Start Page Number: 75
End Page Number: 84
Publication Date: Apr 1997
Journal: European Journal of Operational Research
Authors: ,
Keywords: markov processes
Abstract:

In this paper, we study a modified minimal repair/replacement problem that is formulated as a Markov decision process. The operating cost is assumed to be a nondecreasing function of the system's age. The specific maintenance actions for a manufacturing system to be considered are whether to have replacement, minimal repair or keep it operating. It is shown that a control limit policy, or in particular a (t, T) policy, is optimal over the space of all possible policies under the discounted cost criterion. A computational algorithm for the optimal (t, T) policy is suggested based on the total expected discounted cost.

Reviews

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 Your email address will not be published.