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Journal of Korean Society for Quality Management > Volume 13(1); 1985 > Article
Journal of Korean Society for Quality Management 1985;13(1): 51-.
Optimal Replacement Policy for a System Subject to Shocks
Dong-Jin Gang1, Sang-Yong Lee2
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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