A periodical replacement model based on cumulative repair‐cost limit

Min‐Tsai Lai

Applied Stochastic Models in Business and Industry, 2007, vol. 23, issue 6, 455-464

Abstract: This paper considers a periodical replacement model based on a cumulative repair‐cost limit, whose concept uses the information of all repair costs to decide whether the system is repaired or replaced. The failures of the system can be divided into two types. One is minor failure that is assumed to be corrected by minimal repair, while the other is serious failure where the system is damaged completely. When a minor failure occurs, the corresponding repair cost is evaluated and minimal repair is then executed if this accumulated repair cost is less than a pre‐determined limit L, otherwise, the system is replaced by a new one. The system is also replaced at scheduled time T or at serious failure. Long‐run expected cost per unit time is formulated and the optimal period T* minimizing that cost is also verified to be finite and unique under some specific conditions. Copyright © 2007 John Wiley & Sons, Ltd.

Date: 2007
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1002/asmb.682

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:wly:apsmbi:v:23:y:2007:i:6:p:455-464

Access Statistics for this article

More articles in Applied Stochastic Models in Business and Industry from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().