An Extended Opportunity-Based Age Replacement Policy

Iskandar, Bermawi P., and Sandoh, Hiroaki. "An Extended Opportunity-Based Age Replacement Policy." RAIRO - Operations Research 34.2 (2010): 145-154. <http://eudml.org/doc/197842>.

@article{Iskandar2010,
abstract = { The present study proposes an extended opportunity-based age replacement policy where opportunities occur according to a Poisson process. When the age, x of the system satisfies x < S for a prespecified value S, a corrective replacement is conducted if the objective system fails. In case x satisfies S ≤ x < T for another prespecified value T, we take an opportunity to preventively replace the system by a new one with probability p, and do not take the opportunity with probability 1 - p. At the moment x reaches T, a preventive replacement is executed independently of opportunities. The long-term average cost of the proposed policy is formulated. The conditions under which optimal values for S and T exist for a prespecified value of T and S, respectively, are then clarified. Numerical examples are also presented to illustrate the theoretical underpinnings of the proposed replacement policy formulation. },
author = {Iskandar, Bermawi P., Sandoh, Hiroaki},
journal = {RAIRO - Operations Research},
keywords = {Extended opportunity-based age replacement; renewal reward process; long-term average cost; optimal policy.; extended opportunity-based age replacement; renewal reward process; optimal policy},
language = {eng},
month = {3},
number = {2},
pages = {145-154},
publisher = {EDP Sciences},
title = {An Extended Opportunity-Based Age Replacement Policy},
url = {http://eudml.org/doc/197842},
volume = {34},
year = {2010},
}

TY - JOUR
AU - Iskandar, Bermawi P.
AU - Sandoh, Hiroaki
TI - An Extended Opportunity-Based Age Replacement Policy
JO - RAIRO - Operations Research
DA - 2010/3//
PB - EDP Sciences
VL - 34
IS - 2
SP - 145
EP - 154
AB - The present study proposes an extended opportunity-based age replacement policy where opportunities occur according to a Poisson process. When the age, x of the system satisfies x < S for a prespecified value S, a corrective replacement is conducted if the objective system fails. In case x satisfies S ≤ x < T for another prespecified value T, we take an opportunity to preventively replace the system by a new one with probability p, and do not take the opportunity with probability 1 - p. At the moment x reaches T, a preventive replacement is executed independently of opportunities. The long-term average cost of the proposed policy is formulated. The conditions under which optimal values for S and T exist for a prespecified value of T and S, respectively, are then clarified. Numerical examples are also presented to illustrate the theoretical underpinnings of the proposed replacement policy formulation.
LA - eng
KW - Extended opportunity-based age replacement; renewal reward process; long-term average cost; optimal policy.; extended opportunity-based age replacement; renewal reward process; optimal policy
UR - http://eudml.org/doc/197842
ER -