| Article ID: | iaor20013787 |
| Country: | Netherlands |
| Volume: | 91 |
| Start Page Number: | 41 |
| End Page Number: | 47 |
| Publication Date: | Aug 1999 |
| Journal: | Annals of Operations Research |
| Authors: | Koulamas Christos, Iakovou Eleftherios, Ip Chi M. |
| Keywords: | markov processes |
A Markov decision model is presented to determine the optimal maintenance policy for a general production unit. The unique characteristic of the proposed model is the inclusion of the unit's throughput rate as a decision variable. We show that under appropriate assumptions, the generator matrix of the underlying Markov chain that models the unit's deterioration process exhibits a separability property which significantly facilitates the solution procedure.