Hedging Point Policy Improvement

E. K. Boukas
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E. K. Boukas: Eacute;cole Polytechnique de Montréal and GERAD

Journal of Optimization Theory and Applications, 1998, vol. 97, issue 1, No 4, 47-70

Abstract: Abstract This paper deals with the production and the corrective maintenance planning control problem for failure-prone manufacturing systems. The introduction of corrective maintenance increases the availability of the manufacturing system, which guarantees the improvement of the system productivity if the production planning is well done. For the one-machine/one-part system, we show that our planning control problem is more efficient than the one given by Akella and Kumar. We also show that the hedging level is lower than the one obtained by Akella and Kumar.

Keywords: Flexible manufacturing; piecewise-deterministic systems; production rates; maintenance rates; HJB equation; hedging levels (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (5)

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DOI: 10.1023/A:1022670932536

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