A decision dependent stochastic process model for repairable systems with applications

Paul F. Zantek, Timothy Hanson, Paul Damien and Elmira Popova

Operations Research Perspectives, 2015, vol. 2, issue C, 73-80

Abstract: Management decisions regarding maintenance protocols critically hinge on the underlying probability distribution of the time between failures in most repairable systems. Replacement of the system with a new one resets the system age to zero, whereas a repair does not alter the system age but may shift the parameters of the failure-time distribution. Additionally, maintenance decisions lead to left-truncated observations, and right-censored observations. Thus, the underlying stochastic process governing a repairable system evolves based on the management decision taken.

Keywords: Kijima model; Decision dependence; Maintenance schedule; Repairable system; Spiral down effect (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:oprepe:v:2:y:2015:i:c:p:73-80

DOI: 10.1016/j.orp.2015.03.002

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