Preventive replacement policies with products update announcements

Satoshi Mizutani, Wenjie Dong, Xufeng Zhao and Toshio Nakagawa

Communications in Statistics - Theory and Methods, 2020, vol. 49, issue 15, 3821-3833

Abstract: When we consider the improvement of the functional performances that are released by the new updates of the products, it is an interesting problem to revisit the existing replacement policies. For such a viewpoint, four replacement models with product update announcements, i.e., PUA for abbreviation, are given in this paper: Model 1, the unit is replaced at time T or at PUA over time T. Model 2, the unit is replaced at the Kth failure or at PUA over the Kth failure. By considering both time T and failure K, Models 3 and 4 are obtained based on the approaches of replacement first and last. We obtain the expected cost rates for four models and discuss analytically their optimal replacement policies Further, numerical examples are given when the time for PUA has an exponential distribution.

Date: 2020
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Citations: View citations in EconPapers (6)

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DOI: 10.1080/03610926.2019.1710762

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