Optimality of randomized strategies in a Markovian replacement model

P.B. Bruns

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    3 Citations (Scopus)

    Abstract

    We study a replacement system with discrete-time Markovian deterioration and finite state space {0,...,N}. State 0 stands for a new system, and the larger the state the worse the condition of the system with N as the failure state. We impose the condition that the long-term 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 (randomized) optimal policy. Some numerical examples are given.
    Original languageUndefined
    Article number10.1007/s001860200236
    Pages (from-to)481-499
    Number of pages13
    JournalMathematical methods of operations research
    Volume56
    Issue number3
    DOIs
    Publication statusPublished - 2003

    Keywords

    • Replacement system
    • generalized control-limit policy
    • inspection
    • Maintenance
    • EWI-12831
    • METIS-207004
    • IR-62335
    • average cost

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