Abstract
A well-known maintenance procedure for stochastically failing units is the age replacement policy (ARP). Under the ARP a unit is replaced on failure, or when it reaches a predetermined critical age. In previous papers concerned with this procedure the authors searched for the optimal critical age to minimize the objective function under discussion. It is proved here that the ARP itself is the optimal decision rule amongst all reasonable policies.
| Original language | English |
|---|---|
| Pages (from-to) | 751-759 |
| Number of pages | 9 |
| Journal | Journal of Applied Probability |
| Volume | 13 |
| Issue number | 4 |
| State | Published - 1976 |
ASJC Scopus subject areas
- Statistics and Probability
- General Mathematics
- Statistics, Probability and Uncertainty