@book{b03e5ebcb99d4069af1f9f1975fffca1,

title = "Optimal strategies for a replacement model",

abstract = "We examine a replacement system with discrete-time Markovian deterioration and finite state space $\{0,\ldots,N\}$. 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.",

keywords = "EWI-3338, MSC-90B25, IR-65706, MSC-93E20",

author = "P.B. Bruns",

note = "Imported from MEMORANDA ",

year = "2000",

language = "Undefined",

publisher = "University of Twente, Department of Applied Mathematics",

number = "1518",

}