Opportunity‐based age replacement: Exponentially distributed times between opportunities

Rommert Dekker*, Matthijs C. Dijkstra

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

59 Citations (Scopus)

Abstract

This article gives a full analysis of a component‐replacement model in which preventive replacements are only possible at maintenance opportunities. These opportunities arise according to a Poisson process, independently of failures of the component. Conditions for the existence of a unique average optimal control limit policy are established and an equation characterizing the optimal policy and minimal average costs is derived. An important result is that the optimal policy can be described as a so‐called one‐opportunity‐look‐ahead policy. Such policies play an important role as heuristics in more general models. It is shown that there is a correspondence with the well‐known age‐replacement model, which can be considered as an extreme case of the model. Finally, some numerical results are given.

Original languageEnglish
Pages (from-to)175-190
Number of pages16
JournalNaval Research Logistics (NRL)
Volume39
Issue number2
DOIs
Publication statusPublished - Mar 1992

Fingerprint

Dive into the research topics of 'Opportunity‐based age replacement: Exponentially distributed times between opportunities'. Together they form a unique fingerprint.

Cite this