Adaptive Designs for Optimal Age Replacement Policy

Consider a system that is subject to failure and must be replaced when this occurs. If it costs less to replace the system in advance before failure, it may be advantageous to use an age replacement policy. However, the optimal age to replace the system is unknown if the underlying model for machine...

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Bibliographic Details
Published inLecture notes-monograph series Vol. 25; pp. 238 - 248
Main Author Aras, Girish
Format Journal Article
LanguageEnglish
Published Institute of Mathematical Statistics 01.01.1995
Subjects
Cost efficiency
Cost estimates
Estimators
Mathematical minima
Maximum likelihood estimation
Minimization of cost
Optimal policy
Reliability, Quality Control and Other Applications
Replacement value
System failures
Unit costs
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ISSN0749-2170

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Summary:Consider a system that is subject to failure and must be replaced when this occurs. If it costs less to replace the system in advance before failure, it may be advantageous to use an age replacement policy. However, the optimal age to replace the system is unknown if the underlying model for machine failure is unknown. This paper reviews various schemes that balance the conflicting goals of gathering enough information about the lifetime distribution, and simultaneously controlling costs by reducing system failures.
ISSN:0749-2170