On Optimal Replacement Policies

D. Assaf and B. Levikson
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D. Assaf: Hebrew University of Jerusalem, Israel
B. Levikson: University of Haifa, Israel

Management Science, 1982, vol. 28, issue 11, 1304-1312

Abstract: A system (e.g., a car) must operate for the next t time units. A certain component (e.g., a battery) must be replaced whenever it fails, as it is essential for the operation of the system. There are several types of components differing only in price and life distribution. The problem of choosing the optimal type at any time in which a replacement is needed has previously been studied when all life distributions are exponential. In this paper the results are extended to the case where life distrubutions are arbitrary. Conditions are given under which there is an optimal replacement policy with a special convenient form. Algorithms for the solution of the problem are provided. Examples and related problems are discussed.

Keywords: reliability; optimal replacement (search for similar items in EconPapers)
Date: 1982
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