Optimal replacement policies with minimal repair and age-dependent costs |
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Institution: | 1. Department of Business Administration, Ming-Chuan College, Taipei, Taiwan;2. Industrial Engineering Department, Texas A & M University, College Station, TX 77 843-3131, USA;1. Department of Chemical Engineering, Imperial College London, London SW7 2AZ, UK;2. Instituto de Carboquímica, CSIC, Miguel Luesma 4, Zaragoza 50018, Spain |
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Abstract: | In this paper, we study a modified minimal repair/replacement problem that is formulated as a Markov decision process. The operating cost is assumed to be a nondecreasing function of the system's age. The specific maintenance actions for a manufacturing system to be considered are whether to have replacement, minimal repair or keep it operating. It is shown that a control limit policy, or in particular a (t, T) policy, is optimal over the space of all possible policies under the discounted cost criterion. A computational algorithm for the optimal (t, T) policy is suggested based on the total expected discounted cost. |
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