On Some Observing and Replacement Policies

Dragan M. Banjevic and Ranko R. Nedeljkovic
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Dragan M. Banjevic: University of Belgrade, Faculty for Natural and Mathematical Sciences
Ranko R. Nedeljkovic: University of Belgrade, Faculty for Traffic and Transport Engineering

A chapter in Mathematical Statistics and Probability Theory, 1987, pp 25-31 from Springer

Abstract: Abstract The interval between two failures of an equipment is a random variable. In order to keep the equipment in operation, the preventive replacements are performed. In this paper it is considered that there are certain periods of time in which the equipment works unobserved. There are losses due to failures, costs of the preventive replacements, as well as of the control of the equipment. The loss is also caused when the equipment fails during an unobserved period. The bounds on the loss function and optimal observing and replacement policies are discussed.

Keywords: optimaL Strategy; Loss Function; reaL Situation; modeL cLose; Replacement Policy (search for similar items in EconPapers)
Date: 1987
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DOI: 10.1007/978-94-009-3965-3_3

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