ON A CLASS OF OPTIMUM AGE REPLACEMENT POLICIES.
FLORIDA UNIV GAINESVILLE DEPT OF INDUSTRIAL AND SYSTEMS ENGINEERING
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Some age replacement policies are investigated for the case in which the cost of keeping an individual unit operating in a system increases with the age of the unit, or with the deterioration of the unit if this can be observed. The optimum age replacement policy is the one which minimizes the average expected cost per unit time over an infinite time span. The case in which the life distribution of the units is exponential is investigated in detail, with a numerical example included. Author
- Operations Research