Determining the control limit policy in a replacement model with linear restoration

Determining the control limit policy in a replacement model with linear restoration

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Article ID: iaor1992670
Country: Netherlands
Volume: 10
Issue: 6
Start Page Number: 335
End Page Number: 341
Publication Date: Aug 1991
Journal: Operations Research Letters
Authors: ,
Abstract:

The authors consider a replacement model for an additive damage process with linear restoration as outlined in a previous paper by M.J.M. Posner and D. Zuckerman. It was shown there that under certain assumptions a control limit policy is optimal for both discounted and undiscounted cost cases. However, they were only able to find the control limit by binary search. In this paper, the authors extend that analysis to determine the control limit analytically through a novel application of the martingale stopping theorem, and discuss its usefulness in cost minimization.

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