@book{b03e5ebcb99d4069af1f9f1975fffca1,
title = "Optimal strategies for a replacement model",
abstract = "We examine a replacement system with discrete-time Markovian deterioration and finite state space \$\textbackslash{}\{0,\textbackslash{}ldots,N\textbackslash{}\}\$. 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 \{\textbackslash{}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",
number = "1518",
address = "Netherlands",
}