Variance reduction for a replacement process

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Abstract
Prediction of replacement requirements for components (such as manufacturing equipment or engines) requires analysis of a replacement process. Unfortunately, unless component lives are exponentially distributed, that analysis requires transform methods, approxima tions, or simulation. Only simulation or approxima tion may be used for prediction of replacement re quirements when the replacement process is complicat ed, when it is subdivided into several periods of time, when replacements are not all new, or when several identical components that operate simulta neously are supplied from the same stock of spares.

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