REMARKS ON RENEWAL THEORY WHEN THE QUALITY OF RENEWALS VARIES,
NORTH CAROLINA UNIV CHAPEL HILL DEPT OF STATISTICS
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In spite of its simple raw ingredients, the theory of renewal processes has produced many very subtle mathematical investigations and supports a very elaborate structure of generalizations, extensions, and applications. The raw ingredients referred to consist of an infinite sequence of independent and identically distributed, non-negative random variables X sub n in the original renewal theory these random variables represent lifetimes of successive renewals of some industrial item subject to failure. This paper is primarily concerned with a mathematical model called the model of sequentially geometric improvement.
- Operations Research