Optimal replacement of parts having observable correlated stages of deterioration

L. Shaw, Hsu C‐l and S. G. Tyan

Naval Research Logistics Quarterly, 1980, vol. 27, issue 3, 359-373

Abstract: A single component system is assumed to progress through a finite number of increasingly bad levels of deterioration. The system with level i (0 ≤ i ≤ n) starts in state 0 when new, and is definitely replaced upon reaching the worthless state n. It is assumed that the transition times are directly monitored and the admissible class of strategies allows substitution of a new component only at such transition times. The durations in various deterioration levels are dependent random variables with exponential marginal distributions and a particularly convenient joint distribution. Strategies are chosen to maximize the average rewards per unit time. For some reward functions (with the reward rate depending on the state and the duration in this state) the knowledge of previous state duration provides useful information about the rate of deterioration.

Date: 1980
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1002/nav.3800270303

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:navlog:v:27:y:1980:i:3:p:359-373

Access Statistics for this article

More articles in Naval Research Logistics Quarterly from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().