Deteriorating Markov Processes under Uncertainty.
STANFORD UNIV CALIF DEPT OF OPERATIONS RESEARCH
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A model is developed that represents a deteriorating Markov process with imperfect or costly information. The process might be, for example, a deteriorating machine or inventory system with several states. In the context of the machine example, at each time period, the machine operator has three possible actions to choose from. If he chooses repair, an expected repair cost is incurred and the system reverts to the best state. If he chooses inspection, an inspection cost and an expected operating cost are incurred, and the operator determines exactly which state the system will be in at the beginning of the next time period. Finally, if he chooses no action, an expected operating cost is incurred and he obtains no new informaton about the state of the process. Modified author abstract
- Operations Research