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Optimal Replacement Policies for Devices Subject to a Gamma Wear Process.
NORTH CAROLINA UNIV AT CHARLOTTE DEPT OF MATHEMATICS
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Suppose that a device is subject to wear occurring randomly in time as a gamma process the set Xt, t or 0. Let zeta be the life length of the device. The device can be replaced before or at failure. In this paper the author gives a form of an optimal replacement policy that minimizes the expected replacement cost per unit time. Discrete version of the above results is also considered.
APPROVED FOR PUBLIC RELEASE