An accurate approximate solution of optimal sequential age replacement policy for a finite-time horizon

R. Jiang

Reliability Engineering and System Safety, 2009, vol. 94, issue 8, 1245-1250

Abstract: It is difficult to find the optimal solution of the sequential age replacement policy for a finite-time horizon. This paper presents an accurate approximation to find an approximate optimal solution of the sequential replacement policy. The proposed approximation is computationally simple and suitable for any failure distribution. Their accuracy is illustrated by two examples. Based on the approximate solution, an approximate estimate for the total cost is derived.

Keywords: Sequential age replacement policy; Finite-time horizon; Approximation (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:94:y:2009:i:8:p:1245-1250

DOI: 10.1016/j.ress.2009.01.003

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