Optimal replacement times — a general set-up
- 1 June 1986
- journal article
- Published by Cambridge University Press (CUP) in Journal of Applied Probability
- Vol. 23 (2) , 432-442
- https://doi.org/10.2307/3214185
Abstract
For a large class of replacement models for stochastically deteriorating systems the optimality criteria of total expected discounted cost and long-run (expected) average cost per unit time have a common structure. In the present paper a formal description of this structure is given and the optimal rule is determined. A so-called ‘λ -minimization technique' is applied. This method is discussed in general terms.Keywords
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