A counting process approach to replacement models
- 1 January 1987
- journal article
- research article
- Published by Taylor & Francis in Optimization
- Vol. 18 (2) , 285-296
- https://doi.org/10.1080/02331938708843240
Abstract
In this paper we present a common set-up for a large class of replacement models for stochastically failing systems. The set-up is based on the theory of counting processes, The replacement rule which minimizes "the total expected discounted cost" is determined. Several shock models are included as special eases, for example a shock model for a system which is repaired (and not replaced) at failures, and a shock model for a coherent system.Keywords
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