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Periodic replacement policies with shortage and excess costs

Author

Listed:
  • Xufeng Zhao

    (Nanjing University of Aeronautics and Astronautics)

  • Mingchih Chen

    (Fu Jen Catholic University)

  • Toshio Nakagawa

    (Aichi Institute of Technology)

Abstract

It has been proposed that if replacement time is planned too early prior to failure, a waste of operation cost, i.e., excess costs, would incur because the system might run for an additional period of time to complete critical operations, and if replacement time is too late after failure, a great failure cost, i.e., shortage cost, is incurred due to the delay in time of the carelessly scheduled replacement. In order to make the preventive replacement policies perform in a more general way, the above two variable types of costs are taken into considerations for periodic replacement policies in this paper. We firstly take up a standard model in which the unit is replaced preventively at periodic times. Secondly, the modeling approaches of whichever occurs first and last are applied into periodic and random models, and replacement first and last policies are discussed to find optimum periodic replacement times for a random working time. Furthermore, optimum working numbers are obtained for the extended models. We give analytical discussions of the above replacement policies, and finally, numerical examples are illustrated.

Suggested Citation

  • Xufeng Zhao & Mingchih Chen & Toshio Nakagawa, 2022. "Periodic replacement policies with shortage and excess costs," Annals of Operations Research, Springer, vol. 311(1), pages 469-487, April.
    • Handle: RePEc:spr:annopr:v:311:y:2022:i:1:d:10.1007_s10479-020-03566-z
    DOI: 10.1007/s10479-020-03566-z
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    References listed on IDEAS

    as
    1. Toshio Nakagawa, 2014. "Random Maintenance Policies," Springer Series in Reliability Engineering, Springer, edition 127, number 978-1-4471-6575-0, September.
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    3. 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.
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    6. Xufeng Zhao & Toshio Nakagawa, 2018. "Advanced Maintenance Policies for Shock and Damage Models," Springer Series in Reliability Engineering, Springer, number 978-3-319-70456-2, September.
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