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Age Replacement Under Alternative Cost Criteria

Author

Listed:
  • J. Ansell

    (University College of Swansea, United Kingdom)

  • A. Bendell

    (Dundee College of Technology, United Kingdom)

  • S. Humble

    (Royal Military College of Science, Shrivenham, United Kingdom)

Abstract

Due to the complexity of optimum replacement problems over finite lime horizons various asymptotic criteria based upon fixed age replacement policies have been employed in the literature and in practice. In this paper the relationships between the optimum policies under three alternative cost criteria are considered. An ordering of the accounting costs under two of these is obtained, and for distributions with Increasing Hazard Rate an ordering of the optimum replacement time is derived. For a finite time horizon the policies are compared to the optimal sequential and fixed-age replacement polices through the example of a gamma distribution previously investigated by Barlow and Proschan (Barlow, R. E., F. Proschan. 1962. Planned replacement. K. J. Arrow, S. Karlin, W. L. Smith, eds. Studies in Applied Probability and Management Science. Stanford University Press, Stanford, Cal.; Barlow, R. E., F. Proschan. 1965. Mathematical Theory of Reliability. Wiley, New York.).

Suggested Citation

  • J. Ansell & A. Bendell & S. Humble, 1984. "Age Replacement Under Alternative Cost Criteria," Management Science, INFORMS, vol. 30(3), pages 358-367, March.
    • Handle: RePEc:inm:ormnsc:v:30:y:1984:i:3:p:358-367
    DOI: 10.1287/mnsc.30.3.358
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    Citations

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    Cited by:

    1. Nakagawa, T. & Mizutani, S., 2009. "A summary of maintenance policies for a finite interval," Reliability Engineering and System Safety, Elsevier, vol. 94(1), pages 89-96.
    2. Walter, Gero & Flapper, Simme Douwe, 2017. "Condition-based maintenance for complex systems based on current component status and Bayesian updating of component reliability," Reliability Engineering and System Safety, Elsevier, vol. 168(C), pages 227-239.
    3. Coolen-Schrijner, P. & Coolen, F.P.A., 2007. "Nonparametric adaptive age replacement with a one-cycle criterion," Reliability Engineering and System Safety, Elsevier, vol. 92(1), pages 74-84.
    4. Hatch, Melanie L. & Badinelli, Ralph D., 1999. "Concurrent optimization in designing for logistics support," European Journal of Operational Research, Elsevier, vol. 115(1), pages 77-97, May.
    5. Sharafali, Moosa & Tarakci, Hakan & Kulkarni, Shailesh & Razack Shahul Hameed, Raja Abdul, 2019. "Optimal delivery due date for a supplier with an unreliable machine under outsourced maintenance," International Journal of Production Economics, Elsevier, vol. 208(C), pages 53-68.
    6. P Coolen-Schrijner & F. P. A. Coolen, 2006. "On Optimality Criteria for Age Replacement," Journal of Risk and Reliability, , vol. 220(1), pages 21-29, June.
    7. Jiang, R., 2018. "Performance evaluation of seven optimization models of age replacement policy," Reliability Engineering and System Safety, Elsevier, vol. 180(C), pages 302-311.

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