Optimal Replacement Policy for a System Subject to Shocks

Gang, Dong-Jin; Lee, Sang-Yong

Journal of Korean Society for Quality Management > Volume 13(1); 1985 > Article

Journal of Korean Society for Quality Management 1985;13(1): 51-.

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ABSTRACT

A replacement policy for a system subject to shocks where each shock increases the running cost is considered. The shocks arrive to the system according to a nonhomogeneous Poisson process. Optimal replacement policy to minimize the long-run expected cost rate is obtained and some numerical examples are given.

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