A Renewal Decision Problem

Abstract

A system must operate for t units of time. A certain component is essential for its operation and must be replaced, when it fails, with a new component. The class of spare components is grouped into n categories with components of the ith category costing a positive amount (C sub i) and functioning for an exponential length of time with rate (lambda sub i). The main problem of interest is, for a given t, to assign the initial component and subsequent replacements from among the n categories of spare components so as to minimize the expected cost of providing an operative component for t units of time.

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Document Details

Document Type
Technical Report
Publication Date
Sep 01, 1976
Accession Number
ADA031413

Entities

People

  • C. Derman
  • G. J. Lieberman
  • S. M. Ross

Organizations

  • University of California, Berkeley

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  • C4I

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Fields of Study

  • Mathematics

Readers

  • Life Cycle Cost Analysis
  • Statistical inference.