Repair-Time Limit Replacement Policies

Won Young Yun () and Naoto Kaio ()
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Won Young Yun: Pusan National University
Naoto Kaio: Hiroshima Shudo University

A chapter in Stochastic Reliability and Maintenance Modeling, 2013, pp 101-121 from Springer

Abstract: Abstract This article concerns repair-limit replacement problems and review the existing stochastic models in which repair times are random variables. If a system fails, we should decide whether we repair the failed system (repair option) or replace it by new one (replacement option with a lead time). We classify the existing repair-time limit models based on available information amount of repair times (perfect, partial, and no information), repair type (perfect and imperfect repair), and objective functions (expected cost and profit with and without discounting). We summarize the modeling assumptions and explain how to obtain the optimal repair-limit replacement policies. Finally, we propose some interesting topics for future studies.

Keywords: Repair; Repair-time limit; Replacement; Cost and profit rate; Lead time (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:ssrchp:978-1-4471-4971-2_5

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DOI: 10.1007/978-1-4471-4971-2_5

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