IDEAS home Printed from https://ideas.repec.org/a/inm/oropre/v42y1994i3p469-475.html
   My bibliography  Save this article

On Optimal Replacement Policies—Random Horizon

Author

Listed:
  • P. K. Banerjee

    (University of New Brunswick, Fredericton, New Brunswick, Canada)

  • S. N. Kabadi

    (University of New Brunswick, Fredericton, New Brunswick, Canada)

Abstract

A system with a functional life of T units of time requires a certain functional part for its operation. If this part fails before the failure of the system, it has to be replaced immediately to keep the system in operation. Two brands are available for replacements. These two brands differ in unit costs and life distributions. The objective is to determine a time-dependent replacement policy that minimizes the expected operational cost. We show that if certain conditions are satisfied, then the optimal policy exists and has a simple intuitive structure.

Suggested Citation

  • P. K. Banerjee & S. N. Kabadi, 1994. "On Optimal Replacement Policies—Random Horizon," Operations Research, INFORMS, vol. 42(3), pages 469-475, June.
  • Handle: RePEc:inm:oropre:v:42:y:1994:i:3:p:469-475
    DOI: 10.1287/opre.42.3.469
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/opre.42.3.469
    Download Restriction: no

    File URL: https://libkey.io/10.1287/opre.42.3.469?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:oropre:v:42:y:1994:i:3:p:469-475. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.