Article ID: | iaor20083620 |
Country: | United Kingdom |
Volume: | 23 |
Issue: | 6 |
Start Page Number: | 455 |
End Page Number: | 464 |
Publication Date: | Nov 2007 |
Journal: | Applied Stochastic Models in Business and Industry |
Authors: | Lai Min-Tsai |
Keywords: | probability |
This paper considers a periodical replacement model based on a cumulative repair-cost limit whose concept uses the information of all repair costs to decide whether the system is repaired or replaced. The failures of the system can be divided into two types. One is minor failure that is assumed to be corrected by minimal repair, while the other is serious failure where the system is damaged completely. When a minor failure occurs, the corresponding repair cost is evaluated and minimal repair is then executed if this accumulated repair cost is less than a pre-determined limit