Optimum Replacement of a System Subject to Shocks

Philip J. Boland and Frank Proschan
Additional contact information
Philip J. Boland: University College Dublin, Belfield, Ireland
Frank Proschan: The Florida State University, Tallahassee, Florida

Operations Research, 1983, vol. 31, issue 4, 697-704

Abstract: A system is subject to shocks that arrive according to a nonhomogeneous (or homogeneous) Poisson process. Since each shock weakens the system and makes it more expensive to run, it is desirable to determine a replacement policy for the system. We consider the possibility of periodic replacement of the system, and exhibit a necessary and sufficient condition for the existence of an optimal finite period. The problem is investigated for both finite and infinite time horizons. Finally, we study a particular model for a system that fails on the second shock.

Keywords: 71 increasing operating cost due to shocks; 730 periodic replacement (search for similar items in EconPapers)
Date: 1983
References: Add references at CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
http://dx.doi.org/10.1287/opre.31.4.697 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:31:y:1983:i:4:p:697-704

Access Statistics for this article

More articles in Operations Research from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().