A note on optimal maintenance policies for deciding whether to repair or replace

A system deteriorates stochastically over time. When the deterioration reaches a critical level, the system has to be either repaired or replaced by a new one. Repairs are generally both less effective and less costly than a replacement. By modelling the problem as a semi-Markov decision process, an...

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Bibliographic Details
Published in:European journal of operational research 1983-01, Vol.12 (2), p.171-175
Main Author: Hayre, Lakhbir S.
Format: Article
Language:English
Subjects:
Mathematics
Operations research
Optimal
Policies
Repair & maintenance
Repairs
Systems management
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Summary:A system deteriorates stochastically over time. When the deterioration reaches a critical level, the system has to be either repaired or replaced by a new one. Repairs are generally both less effective and less costly than a replacement. By modelling the problem as a semi-Markov decision process, an explicit expression is found for the optimal maintenance policy for minimizing the long run average cost per unit time. Some numerical results are given for a multi-state system.
ISSN:0377-2217
1872-6860
DOI:10.1016/0377-2217(83)90220-5