Simultaneous Optimization of Preventive Maintenance and Replacement Policy for Machines: A Modern Control Theory Approach1
- 1 June 1973
- journal article
- research article
- Published by Taylor & Francis in A I I E Transactions
- Vol. 5 (2) , 156-163
- https://doi.org/10.1080/05695557308974896
Abstract
The problem of machine replacement in a changing technological environment is formulated as a problem in modern control theory. The objective is to maximize the present value of all future net profits over a class of infinite chains of machines where each link in the chain represents a uniform length replacement cycle with identical preventive maintenance. The control is effected by varying (a) the length of the replacement cycle, and (b) the schedule of preventive maintenance. The optimal control is determined by applying the maximum principle of Pontryagin and resulting influence functions are provided economic interpretations.Keywords
This publication has 3 references indexed in Scilit:
- A mixed optimization technique for the generalized machine replacement problemNaval Research Logistics Quarterly, 1972
- Optimal Maintenance and Sale Age for a Machine Subject to FailureManagement Science, 1971
- A Note on Optimal Maintenance Policy and Sale Date of a MachineManagement Science, 1970