Revisiting discrete time age replacement policy for phase-type lifetime distributions

Serkan Eryilmaz

European Journal of Operational Research, 2021, vol. 295, issue 2, 699-704

Abstract: For a system (or unit) whose lifetime is measured by the number cycles, according to the discrete time age replacement policy, it is replaced preventively after n cycles or correctively at failure, whichever occurs first. In this paper, discrete time age replacement policy is revisited when the lifetime of the system is modeled by a discrete phase-type distribution. In particular, the necessary conditions for the unique and finite replacement cycle which minimizes the expected cost per unit of time are obtained. The necessary conditions are mainly based on the behavior of the hazard rate. The results are illustrated for some special discrete phase-type lifetime distributions. Computational results are also presented for the optimal replacement cycle under specific real life setups.

Keywords: Reliability; Age replacement; Hazard rate; Phase-type distribution (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:295:y:2021:i:2:p:699-704

DOI: 10.1016/j.ejor.2021.03.007

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