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Randomized Replacement Rules which Maximize the Expected Cycle Length of Equipment Subject to Markovian Deterioration

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  • Peter Kolesar

    (Columbia University)

Abstract

A problem of determining the form of optimal replacement policies is treated. Equipment whose changes of state can be described by a finite Markov chain are considered. The objective of the replacement policy is the maximization of the expected time between replacements while keeping the probabilty of an in-service failure below a specified bound. It is shown that, if the equipment "ages," a replacement policy of simple structure called a randomized control limit rule will be optimal. Such a policy can be determined by linear programming.

Suggested Citation

  • Peter Kolesar, 1967. "Randomized Replacement Rules which Maximize the Expected Cycle Length of Equipment Subject to Markovian Deterioration," Management Science, INFORMS, vol. 13(11), pages 867-876, July.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:11:p:867-876
    DOI: 10.1287/mnsc.13.11.867
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