Journal of Korean Institute of Industrial Engineers (대한산업공학회지)
- Volume 11 Issue 1
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- Pages.3-10
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- 1985
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- 1225-0988(pISSN)
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- 2234-6457(eISSN)
Periodic Replacement Policies with Minimal Repair Cost Limit
Abstract
Periodic replacement policies are proposed for a system whose repair cost, when it fails, can be estimated by inspection. The system is replaced when it reaches age T (Policy A), or when it fails for the first time after age T (Policy B). If it fails before reaching age T, the repair cost is estimated and minimal repair is then undertaken if the estimated cost is less than a predetermined limit L; otherwise, the system is replaced. The expected cost rate functions are obtained, their behaviors are examined, and ways of obtaining optimal T and L are explored.
Keywords