IDEAS home Printed from https://ideas.repec.org/a/taf/uiiexx/v53y2021i4p425-436.html
   My bibliography  Save this article

Age-replacement policies under age-dependent replacement costs

Author

Listed:
  • Shadi Sanoubar
  • Lisa M. Maillart
  • Oleg A. Prokopyev

Abstract

We consider a stochastically deteriorating system with self-announcing failures that require immediate reactive replacement. For such a system, we consider an age-replacement policy (without minimal repair) under which the system is replaced at failure (reactive replacement) or at a prescribed replacement time (preventive replacement), whichever occurs first. Motivated by factors such as decreasing salvage value or increasing costs associated with obtaining spare parts, we assume that replacement costs are non-decreasing in system age. We formulate a long-run expected cost-rate minimization model with instantaneous replacements that captures this dependency, and provide conditions under which there exists a unique optimal solution. We provide analytical and numerical results that compare the cost-rate minimizing optimal replacement policy, and its performance, to those for the case in which replacement costs are assumed to be constant. Finally, we also consider non-instantaneous replacements, and compare cost-rate minimizing and availability maximizing policies.

Suggested Citation

  • Shadi Sanoubar & Lisa M. Maillart & Oleg A. Prokopyev, 2021. "Age-replacement policies under age-dependent replacement costs," IISE Transactions, Taylor & Francis Journals, vol. 53(4), pages 425-436, April.
    • Handle: RePEc:taf:uiiexx:v:53:y:2021:i:4:p:425-436
    DOI: 10.1080/24725854.2020.1819580
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/24725854.2020.1819580
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/24725854.2020.1819580?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
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Levitin, Gregory & Xing, Liudong & Dai, Yuanshun, 2021. "Influence of storage on mission success probability of m-out-of-n standby systems with reusable elements," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    2. Lijun Shang & Xiguang Yu & Yongjun Du & Anquan Zou & Qingan Qiu, 2022. "An Optimal Random Hybrid Maintenance Policy of Systems under a Warranty with Rebate and Charge," Mathematics, MDPI, vol. 10(18), pages 1-19, September.
    3. Schouten, Thijs Nicolaas & Dekker, Rommert & Hekimoğlu, Mustafa & Eruguz, Ayse Sena, 2022. "Maintenance optimization for a single wind turbine component under time-varying costs," European Journal of Operational Research, Elsevier, vol. 300(3), pages 979-991.

    More about this item

    Statistics

    Access and download statistics

    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:taf:uiiexx:v:53:y:2021:i:4:p:425-436. 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 Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/uiie .

    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.