Accession Number:

AD0656435

Title:

REPAIR VERSUS REPLACEMENT, A STUDY OF EQUIPMENT MAINTENANCE.

Descriptive Note:

Technical memo.,

Corporate Author:

PACIFIC MISSILE RANGE POINT MUGU CALIF

Personal Author(s):

Report Date:

1961-08-15

Pagination or Media Count:

36.0

Abstract:

The present report covers the mathematical foundation for implementing a repair versus replacement policy which minimizes the expected total over-all cost at the end of a given, stipulated time, T. The model of repair costs could be kept fairly general so that the procedure should be applicable for a very broad class of actual situations. Specifically, it was assumed that the expected cumulative cost is a convex function of time, differentiable almost everywhere in the domain of interest. A more detailed analysis was made for the specific case where the expected total cost is parabolic. The influence of the parameter T and the effect of errors in estimating this parameter were investigated. Author

Subject Categories:

  • Economics and Cost Analysis
  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE