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.
Similar content being viewed by others
Author information
Authors and Affiliations
Additional information
Manuscript received: July 2001/Final version received: March 2002
Rights and permissions
About this article
Cite this article
Bruns, P. Optimality of randomized strategies in a Markovian replacement model. Mathematical Methods of OR 56, 481–499 (2003). https://doi.org/10.1007/s001860200236
Issue Date:
DOI: https://doi.org/10.1007/s001860200236