Virtual age, is it real? ‐ Discussing virtual age in reliability context

Maxim Finkelstein and Ji Hwan Cha

Applied Stochastic Models in Business and Industry, 2021, vol. 37, issue 1, 3-16

Abstract: Several settings, where the notion of virtual age is employed, are discussed. We argue that the age reduction imperfect repair modeling is often not sufficiently justified in practice, as it is not possible to execute repair in most of real situations that conforms with this model. On the other hand, a shock‐based virtual age model is suggested and justified via the probabilities of failures on shocks. The new notion of virtual age for degrading items is also introduced. We discuss how to recalculate virtual age after switching from one regime to another. Several examples illustrating different notions of virtual age are presented.

Date: 2021
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https://doi.org/10.1002/asmb.2567

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:37:y:2021:i:1:p:3-16

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