• OPTIMAL REPLACEMENT POLICY FOR A DETERIORATING SYSTEM OF INCREASING REPAIR TIMES WITH VARYING COST STRUCTURES
Abstract
In this paper, the maintenance problem of a repairable deteriorating System subject to random shocks with varying cost structures is studied. An Explicit expression for the long run average cost per unit time under policy N is derived and an optimal policy N* for minimizing the long run average cost per unit time is determined analytically.
Keywords
GEOMETRIC PROCESS, REPLACEMENT POLICY, RENEWAL REWARD PROCESS, STOCHASTIC ORDERS.
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