Optimal maintenance policies for constantly monitored systems

Alan P. Wood

Naval Research Logistics (NRL), 1988, vol. 35, issue 4, 461-471

Abstract: A multistate system is assumed to be constantly monitored; i.e., the state of the system is always known with certainty. Damage to the system accumulates via a continuous‐time Markov process. A model of the system including restoration costs and state occupation costs is developed. It is shown that under certain conditions the optimal restoration policy for the system is a control limit rule. A control limit rule is a policy which requires restoration of the system whenever the damage exceeds a certain level. Examples are presented to show that there are several situations in which, perhaps surprisingly, control limit rules are not optimal.

Date: 1988
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Citations: View citations in EconPapers (4)

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https://doi.org/10.1002/1520-6750(198808)35:43.0.CO;2-K

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:35:y:1988:i:4:p:461-471

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