Optimal replacement policies with minimal repair and age-dependent costs Academic Article

abstract

• In this paper, we study a modified minimal repair/replacement problem that is formulated as a Markov decision process. The operating cost is assumed to be a nondecreasing function of the system's age. The specific maintenance actions for a manufacturing system to be considered are whether to have replacement, minimal repair or keep it operating. It is shown that a control limit policy, or in particular a (t, T) policy, is optimal over the space of all possible policies under the discounted cost criterion. A computational algorithm for the optimal (t, T) policy is suggested based on the total expected discounted cost. 1997 Elsevier Science B.V.

authors

• Feldman, Richard

published proceedings

• EUROPEAN JOURNAL OF OPERATIONAL RESEARCH

author list (cited authors)

• Chen, M. C., & Feldman, R. M.

citation count

• 64

complete list of authors

• Chen, MC||Feldman, RM

publication date

• January 1997

publisher

• Elsevier  Publisher

published in

• European Journal of Operational Research  Journal

keywords

• Markov Decision Theory
• Minimal Repair
• Optimal Replacement

Digital Object Identifier (DOI)

• 10.1016/0377-2217(95)00320-7

start page

• 75

end page

• 84

volume

• 98

issue

• 1

URL

• http%3A%2F%2Fdx.doi.org%2F10.1016%2F0377-2217%2895%2900320-7