On the optimality of repair-cost-limit policies
Jiang, XY; Cheng, K; Makis, V
AbstractAn optimal repair/replacement problem for a single-unit repairable system with minimal repair and random repair cost is considered. The existence of the optimal policy is established using results of the optimal stopping theory, and it is shown that the optimal policy is a 'repair-cost-limit' policy, that is, there is a series of repair-cost-limit functions g(n) (t), n = 1, 2, . . . , such that a unit of age t is replaced at the nth failure if and only if the repair cost C(n, t) greater than or equal to g(n) (t); otherwise it is minimally repaired. If the repair cost does not depend on n, then there is a single repair cost limit function g(t), which is uniquely determined by a first-order differential equation with a boundary condition.
Keywordminimal repair optimal stopping repair-cost-limit policy
WOS Research AreaMathematics
WOS SubjectStatistics & Probability
WOS IDWOS:000078835500016
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Cited Times:5[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Affiliation1.Univ Toronto, Dept Mech & Ind Engn, Toronto, ON M5S 3G8, Canada
2.Acad Sinica, Inst Appl Math, Beijing 100080, Peoples R China
Recommended Citation
GB/T 7714
Jiang, XY,Cheng, K,Makis, V. On the optimality of repair-cost-limit policies[J]. JOURNAL OF APPLIED PROBABILITY,1998,35(4):936-949.
APA Jiang, XY,Cheng, K,&Makis, V.(1998).On the optimality of repair-cost-limit policies.JOURNAL OF APPLIED PROBABILITY,35(4),936-949.
MLA Jiang, XY,et al."On the optimality of repair-cost-limit policies".JOURNAL OF APPLIED PROBABILITY 35.4(1998):936-949.
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