A replacement model with a special condition

Peter Bruns (Keynote speaker)

    Activity: Talk or presentationOral presentation

    Description

    We examine a replacement system with discrete-time Markovian deterioration and finite state space $\{0,...,N\}$. State 0 stands for a new system, and the higher the state the worse the system; a system in state $N$ is considered to be in a {\it bad state}. We impose the condition that the fraction of replacements in state $N$ should not be larger than some fixed number. We prove that a generalized control limit policy maximizes the expected time between two successive replacements and we explain explicitly how to derive this optimal policy.
    Some numerical examples are given.
    Period31 Aug 2000
    Held atEurandom, Netherlands
    Degree of RecognitionNational