Optimal allocation of unreliable components for maximizing expected profit over time

Claude G. Henin

Naval Research Logistics Quarterly, 1973, vol. 20, issue 3, 395-403

Abstract: In the present paper, we solve the following problem: Determine the optimum redundancy level to maximize the expected profit of a system bringing constant returns over a time period T; i. e., maximize the expression \documentclass{article}\pagestyle{empty}\begin{document}$ P\int_0^T {Rdt - C} $\end{document}, where P is the return of the system per unit of time, R the reliability of this system, C its cost, and T the period for which the system is supposed to work We present theoretical results so as to permit the application of a branch and bound algorithm to solve the problem. We also define the notion of consistency, thereby determining the distinction of two cases and the simplification of the algorithm for one of them.

Date: 1973
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:20:y:1973:i:3:p:395-403

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