A Note on Optimal Maintenance Policy and Sale Date of a Machine
- 1 November 1970
- journal article
- Published by Institute for Operations Research and the Management Sciences (INFORMS) in Management Science
- Vol. 17 (3) , 170-173
- https://doi.org/10.1287/mnsc.17.3.170
Abstract
In the paper “Optimal Maintenance Policy and Sale Date of a Machine,” Dr. G. L. Thompson [Thompson, G. L. 1968. Optimal maintenance policies and sale date of a machine. Management Sci. 14(9, May) 543–550.] provided a model to interrelate economic life and maintenance policy, using Pontryagin's maximum principle. His results are very interesting, but these can be made more representative of the real life by a simple modification of the deterioration function d(t).Keywords
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