A Note on Optimal Maintenance Policy and Sale Date of a Machine

S. R. Arora and P. T. Lele
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S. R. Arora: Industrial Engineering Division, University of Minnesota
P. T. Lele: Western Electric Company, Princeton, New Jersey

Management Science, 1970, vol. 17, issue 3, 170-173

Abstract: In the paper "Optimal Maintenance Policy and Sale Date of a Machine," Dr. G. L. Thompson [Thompson, G. L. 1968. Optimal maintenance policies and sale date of a machine. Management Sci. 14(9, May) 543-550.] provided a model to interrelate economic life and maintenance policy, using Pontryagin's maximum principle. His results are very interesting, but these can be made more representative of the real life by a simple modification of the deterioration function d(t).

Date: 1970
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