A unified treatment of single component replacement models |
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Authors: | Frenk Hans Dekker Rommert Kleijn Marcel |
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Institution: | (1) Econometric Institute, Erasmus University Rotterdam, P.O. BOX 1738, 3000 DR Rotterdam, The Netherlands |
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Abstract: | In this paper we discuss a general framework for single component replacement models. This framework is based on the regenerative structure of these models and by using results from renewal theory a unified presentation of the discounted and average finite and infinite horizon cost models is given. Finally, some well-known replacement models are discussed, and making use of the previous results an easy derivation of their cost functions is presented. |
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Keywords: | Maintenance Renewal Theory Cost Intensity Function |
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