On a random lead time and threshold shock model using phase‐type geometric processes

Y. Sarada and R. Shenbagam

Applied Stochastic Models in Business and Industry, 2018, vol. 34, issue 3, 407-422

Abstract: This study investigates two random threshold shock models for a repairable deteriorating system with nonnegligible maintenance times, with and without a spare via a phase‐type geometric process. The system fails whenever the intershock arrival time is less than a random threshold. The provision of stochastic lead time is incorporated in Model II so that an ordering policy N−1 and a replacement policy N based on the number of failures of the system are also considered. An explicit expression of the average cost rate is derived for both models and the optimal replacement policy N* is obtained by minimizing the long‐run average cost rate analytically. The numerical illustrations and sensitivity analysis provided therein conform to the observations made in the study.

Date: 2018
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https://doi.org/10.1002/asmb.2308

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:34:y:2018:i:3:p:407-422

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