Optimal replacement policy with unobservable states

1 June 1977

journal article
Published by Cambridge University Press (CUP) in Journal of Applied Probability

Vol. 14 (2) , 340-348
https://doi.org/10.2307/3213004

Abstract

In this paper we shall solve the optimal policy for the Markovian replacement model in which the state of a machine is not observable. We shall consider both discounted and average costs and discuss two examples.

Keywords

OPTIMAL
MODEL
REPLACEMENT POLICY
MARKOVIAN
DISCOUNTED
SOLVE
MACHINE
UNOBSERVABLE STATES

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