A Renewal Decision Problem
CALIFORNIA UNIV BERKELEY OPERATIONS RESEARCH CENTER
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A system must operate for t units of time. A certain component is essential for its operation and must be replaced, when it fails, with a new component. The class of spare components is grouped into n categories with components of the ith category costing a positive amount C sub i and functioning for an exponential length of time with rate lambda sub i. The main problem of interest is, for a given t, to assign the initial component and subsequent replacements from among the n categories of spare components so as to minimize the expected cost of providing an operative component for t units of time.
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- Operations Research