REPAIR VERSUS REPLACEMENT, A STUDY OF EQUIPMENT MAINTENANCE.
Abstract
The present report covers the mathematical foundation for implementing a 'repair versus replacement' policy which minimizes the expected total over-all cost at the end of a given, stipulated time, T. The model of repair costs could be kept fairly general so that the procedure should be applicable for a very broad class of actual situations. Specifically, it was assumed that the expected cumulative cost is a convex function of time, differentiable almost everywhere in the domain of interest. A more detailed analysis was made for the specific case where the expected total cost is parabolic. The influence of the parameter T and the effect of errors in estimating this parameter were investigated. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Aug 15, 1961
- Accession Number
- AD0656435
Entities
People
- H. Gumbel
- R. J. Frisbie