Monotone optimal replacement policies for a Markovian deteriorating system in a controllable environment

We consider the optimal replacement of a periodically inspected system under Markov deterioration that operates in a controlled environment. Provided are sufficient conditions that characterize an optimal control-limit replacement policy with respect to the system’s condition and its environment. Th...

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Bibliographic Details
Published inOperations research letters Vol. 38; no. 4; pp. 273 - 279
Main Authors Kurt, Murat, Kharoufeh, Jeffrey P.
Format Journal Article
LanguageEnglish
Published Oxford Elsevier B.V 01.07.2010
Elsevier
Subjects
Applied sciences
Control systems
Control-limit policy
Decision theory. Utility theory
Deterioration
Environment
Exact sciences and technology
Markov decision process
Markov processes
Mathematics
Operational research and scientific management
Operational research. Management science
Operations research
Optimization
Policies
Probability and statistics
Probability theory and stochastic processes
Reliability theory. Replacement problems
Replacement
Sciences and techniques of general use
Stability
Control-limit policy
Markov decision process
Environment
Replacement
Markov process
Markovian system
Optimal control
Replacement problem
Optimal policy
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Summary:We consider the optimal replacement of a periodically inspected system under Markov deterioration that operates in a controlled environment. Provided are sufficient conditions that characterize an optimal control-limit replacement policy with respect to the system’s condition and its environment. The structure of the optimal policy is illustrated by a numerical example.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0167-6377
1872-7468
DOI:10.1016/j.orl.2010.03.001