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Optimal Replacement in a Discrete time Shock Model

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Abstract

A device was subjected to a sequence of shocks occurring randomly at times n = 1’, 2,…; Each shock caused a random amount of damage and the damage accumulated additively. In such a case, a device dan fail at any point of time and the chance of failure depends on the history of the system. If the system is replaced before failure, a cost C is incurred and if the system fails, it is replaced by a new and identical one and a larger cost C + K is incurred. There is another cost known as the ’operational cost’ of the system depending on the accumulated damage at any point of time. Here we studied the problem of determining a replacement rule minimizing the long-run average cost per unit time. We also analyzed the system as a special case in which the system fails whenever the total damage exceeds a fixed threshold.

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Authors and Affiliations

  1. Department of Statistics, Panjab University, Chandigarh, 160014, India

    Asok K. Nanda

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  1. Asok K. Nanda
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Nanda, A.K. Optimal Replacement in a Discrete time Shock Model. OPSEARCH 35, 338–345 (1998). https://doi.org/10.1007/BF03398553

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  • DOI: https://doi.org/10.1007/BF03398553

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