A Renewal Decision Problem.

Abstract

Given a system which operates 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 Ci and functioning for an exponential length of time with rate lambda(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
Aug 15, 1976
Accession Number
ADA033777

Entities

People

  • C. Derman
  • Gerald J. Lieberman
  • S. Ross

Organizations

  • Stanford University

Tags

Communities of Interest

  • C4I

DTIC Thesaurus Topics

  • Algorithms
  • Continuity
  • Differential Equations
  • Dynamic Programming
  • Equations
  • Governments
  • Intervals
  • Linear Differential Equations
  • Military Research
  • Operations Research
  • Probability
  • Random Variables
  • Spare Parts
  • Statistics
  • United States
  • United States Government

Fields of Study

  • Mathematics

Readers

  • Logistics and Supply Chain Management.
  • Statistical inference.