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On Optimality Criteria for Age Replacement

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  • P Coolen-Schrijner
  • F. P. A. Coolen

Abstract

Age replacement is a well-known topic in the literature of operational research and reliability. Traditionally, the probability distribution of a unit's failure time is assumed to be known, and the cost criterion is derived via the renewal reward theorem, which implicitly assumes that the same preventive replacement strategy will be used over a very long period of time. As an alternative, a one-cycle criterion can be used, aiming at minimization of costs per unit of time only over the period that one unit is in place. These two criteria are discussed and possible alternatives are also considered. Recently, the authors have presented a non-parametric predictive approach to age replacement, which is based on rather minimal assumptions for the failure time distributions, and provides full flexibility to the information from the process. The main conclusions from this research, where both the renewal criterion and the one-cycle criterion were also considered, are summarized. Further aspects related to age replacement are discussed, highlighting several interesting topics for further research.

Suggested Citation

  • 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.
    • Handle: RePEc:sae:risrel:v:220:y:2006:i:1:p:21-29
    DOI: 10.1243/1748006XJRR1
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    References listed on IDEAS

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    1. J. Ansell & A. Bendell & S. Humble, 1984. "Age Replacement Under Alternative Cost Criteria," Management Science, INFORMS, vol. 30(3), pages 358-367, March.
    2. C. Derman & J. Sacks, 1960. "Replacement of periodically inspected equipment. (An optimal optional stopping rule)," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 7(4), pages 597-607, December.
    3. P Coolen-Schrijner & F P A Coolen, 2004. "Adaptive age replacement strategies based on nonparametric predictive inference," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 55(12), pages 1281-1297, December.
    4. Rommert Dekker & Matthijs C. Dijkstra, 1992. "Opportunity‐based age replacement: Exponentially distributed times between opportunities," Naval Research Logistics (NRL), John Wiley & Sons, vol. 39(2), pages 175-190, March.
    5. P Coolen-Schrijner & F P A Coolen & S C Shaw, 2006. "Nonparametric adaptive opportunity-based age replacement strategies," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 57(1), pages 63-81, January.
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    Cited by:

    1. 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.
    2. Hamidi, Maryam & Szidarovszky, Ferenc & Szidarovszky, Miklos, 2016. "New one cycle criteria for optimizing preventive replacement policies," Reliability Engineering and System Safety, Elsevier, vol. 154(C), pages 42-48.
    3. P Coolen-Schrijner & S C Shaw & F P A Coolen, 2009. "Opportunity-based age replacement with a one-cycle criterion," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 60(10), pages 1428-1438, October.
    4. Sheu, Shey-Huei & Tsai, Hsin-Nan & Sheu, Uan-Yu & Zhang, Zhe George, 2019. "Optimal replacement policies for a system based on a one-cycle criterion," Reliability Engineering and System Safety, Elsevier, vol. 191(C).

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