Title :
A Replacement Policy Based on Limits for the Repair Cost Rate
Author_Institution :
University for Information Electronics, Ingenieurhochschule Mittweida; Department of Mathematics; 9250 Mittweida, Platz der DSF 17; GERMAN DEMOCRATIC REPUBLIC.
Abstract :
A new replacement policy is proposed: At the moment when the repair cost rate reaches or exceeds a fixed level, the system is replaced. This policy is compared with the economic lifetime policy. An example is presented.
Keywords :
Cost function; History; Stochastic processes; Stochastic systems; Economic life; First passage time; Long-run maintenance cost; Stochastic repair cost;
Journal_Title :
Reliability, IEEE Transactions on
DOI :
10.1109/TR.1982.5221393
