 An optimal age-replacement policy for a simple repairable system with delayed repairYuan Lin Zhang and Guan Jun Wang Communications in Statistics - Theory and Methods, 2017, vol. 46, issue 6, 2837-2850 Abstract: In this article, a simple repairable system (i.e., a repairable system consisting of one component and one repairman) with delayed repair is studied. Assume that the system after repair is not “as good as new”, and the degeneration of the system is stochastic. Under these assumptions, using the geometric process repair model, we consider a replacement policy T based on system age under which the system is replaced when the system age reaches T. Our problem is to determine an optimal replacement policy T*, such that the average cost rate (i.e., the long-run average cost per unit time) of the system is minimized. The explicit expression of the average cost rate is derived, the corresponding optimal replacement policy T* can be determined by minimizing the average cost rate of the system. Finally, a numerical example is given to illustrate some theoretical results and the model's applicability. Date: 2017 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:lstaxx:v:46:y:2017:i:6:p:2837-2850 Ordering information: This journal article can be ordered from DOI: 10.1080/03610926.2015.1053930 Access Statistics for this article Communications in Statistics - Theory and Methods is currently edited by Debbie Iscoe More articles in Communications in Statistics - Theory and Methods from Taylor & Francis Journals |
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