A MARKOVIAN REPLACEMENT MODEL WITH A GENERALIZATION TO INCLUDE STOCKING

Abstract

The following model is considered: A machine is inspected at the beginning of discrete time periods and its operating state (condition) is determined. After each inspection a decision upon whether or not to replace the machine at the end of the period must be made. It is shown that under certain conditions on the costs and the transition probabilities the optimal policy has a simple form. A generalization to the case where one is allowed to stock reserve machines is also given.

Open PDF

Document Details

Document Type
Technical Report
Publication Date
Sep 18, 1967
Accession Number
AD0660403

Entities

People

  • Sheldon M. Ross

Organizations

  • Stanford University

Tags

DTIC Thesaurus Topics

  • Air Force
  • Analogs
  • Contracts
  • Governments
  • Inspection
  • Mathematics
  • Military Research
  • Operations Research
  • Probability
  • Probability Distributions
  • Security
  • Sequences
  • Statistics
  • Transitions
  • United States
  • United States Government

Readers

  • Computational Modeling and Simulation
  • Logistics and Supply Chain Management.
  • Neural Network Machine Learning.