Optimal strategies for a replacement model
نویسنده
چکیده
We examine a replacement system with discrete-time Markovian deterioration and finite state space {0, ..., N}. State 0 stands for a new system, and the higher the state the worse the system; a system in state N is considered to be in a bad state. We impose the condition that the fraction of replacements in state N should not be larger than some fixed number. We prove that a generalized control limit policy maximizes the expected time between two successive replacements and we explain explicitly how to derive this optimal policy. Some numerical examples are given.
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