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On the value of an item subject to general repair or maintenance

Author

Listed:
  • Marco Scarsini

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique, Dipartimento di Scienze Economiche e Aziendali - LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli [Roma])

  • Moshe Shaked

    (University of Arizona)

Abstract

Consider an item which can be repaired N times, where each repair is general in the sense of Kijima (1989). Suppose that the item continuously yields a benefit whose rate at any time t depends only on the virtual age of the item at time t. We find conditions, on the benefit rate function and on some underlying distribution functions, under which the value (that is, the total benefit) of the item stochastically increases as a function of the inter-failure random times. We also consider an item on which N preventive maintenance actions can be performed, where each such action modifies the virtual age of the item. Again, we assume that the benefit rate of the item at time t depends only on its virtual age at that time, and we find conditions under which the value of the item stochastically increases as a function of the inter-maintenance times.

Suggested Citation

  • Marco Scarsini & Moshe Shaked, 2000. "On the value of an item subject to general repair or maintenance," Post-Print hal-00540237, HAL.
    • Handle: RePEc:hal:journl:hal-00540237
    DOI: 10.1016/S0377-2217(99)00078-8
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    Cited by:

    1. Finkelstein, Maxim, 2015. "On the optimal degree of imperfect repair," Reliability Engineering and System Safety, Elsevier, vol. 138(C), pages 54-58.
    2. Boyan Dimitrov & Stefanka Chukova & Zohel Khalil, 2004. "Warranty costs: An age‐dependent failure/repair model," Naval Research Logistics (NRL), John Wiley & Sons, vol. 51(7), pages 959-976, October.
    3. Ricardo José Ferreira & Paulo Renato Alves Firmino & Cláudio Tadeu Cristino, 2015. "A Mixed Kijima Model Using the Weibull-Based Generalized Renewal Processes," PLOS ONE, Public Library of Science, vol. 10(7), pages 1-17, July.
    4. Wang, Hongzhou & Pham, Hoang, 2006. "Availability and maintenance of series systems subject to imperfect repair and correlated failure and repair," European Journal of Operational Research, Elsevier, vol. 174(3), pages 1706-1722, November.
    5. Zhang, Nan & Fouladirad, Mitra & Barros, Anne, 2018. "Optimal imperfect maintenance cost analysis of a two-component system with failure interactions," Reliability Engineering and System Safety, Elsevier, vol. 177(C), pages 24-34.
    6. Nguyen, Dinh Tuan & Dijoux, Yann & Fouladirad, Mitra, 2017. "Analytical properties of an imperfect repair model and application in preventive maintenance scheduling," European Journal of Operational Research, Elsevier, vol. 256(2), pages 439-453.
    7. Wang, Hongzhou, 2002. "A survey of maintenance policies of deteriorating systems," European Journal of Operational Research, Elsevier, vol. 139(3), pages 469-489, June.
    8. Tanwar, Monika & Rai, Rajiv N. & Bolia, Nomesh, 2014. "Imperfect repair modeling using Kijima type generalized renewal process," Reliability Engineering and System Safety, Elsevier, vol. 124(C), pages 24-31.
    9. Smolyak, S., 2014. "Overhaul Policy Optimization and Equipment Valuation Concerning Its Reliability," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 102-131.

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