Renewal reward processes with fuzzy rewards and their applications to T-age replacement policies

Renewal reward processes with fuzzy rewards and their applications to T-age replacement policies

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Article ID: iaor20003220
Country: Netherlands
Volume: 117
Issue: 3
Start Page Number: 606
End Page Number: 617
Publication Date: Sep 1999
Journal: European Journal of Operational Research
Authors: ,
Keywords: fuzzy sets, programming: nonlinear
Abstract:

The application of fuzzy set theory to renewal reward processes is proposed in this paper. The reward is modeled as a fuzzy random variable. A theorem which presents the long-run average fuzzy reward per unit time is stated. A procedure to obtain the best T-age replacement policy with fuzzy cost structure is developed. The original problem is transformed into a nonlinear program in order to evaluate the membership of the long-run average fuzzy cost per unit time.

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