Optimal replacement in a shock model: discrete time

Author:

Aven Terje,Gaarder Simen

Abstract

A system is subject to a sequence of shocks occurring randomly at timesn= 1, 2, ···; each shock causes a random amount of damage. The system might fail at any point in timen, and the probability of a failure depends on the history of the system. Upon failure the system is replaced by a new and identical system and a cost is incurred. If the system is replaced before failure a smaller cost is incurred. We study the problem of specifying a replacement rule which minimizes the long-run (expected) average cost per unit time. A special case, in which the system fails when the total damage first exceeds a fixed threshold, is analysed in detail.

Publisher

Cambridge University Press (CUP)

Subject

Statistics, Probability and Uncertainty,General Mathematics,Statistics and Probability

Cited by 8 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Reliability analysis of fail-safe systems with heterogeneous and dependent components subject to random shocks;Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability;2022-09-18

2. Shocks models with damage effect evolutions following Markov processes;Journal of the Operational Research Society;2022-03-28

3. Revisiting discrete time age replacement policy for phase-type lifetime distributions;European Journal of Operational Research;2021-03

4. Reliability analysis of an extended shock model;Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability;2021-01-24

5. Reliability assessment for discrete time shock models via phase‐type distributions;Applied Stochastic Models in Business and Industry;2020-10-08

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