Optimal Replacement Policies with One Cycle Criterion  
Author Shey-Huei Sheu

 
Co-Author(s)

 
Abstract In this work, age replacement policy, replacement first policy, replacement last policy and replacement next policy for a system subject to shocks are considered, based on the one-cycle criterion. Two types of shocks occurring according to a non-homogeneous pure birth process can affect a system. We use minimal repair to rectify type I shock and replaced by new one to fix type II shock. The occurrence of a particular type of shock depends on the number of shocks that have occurred since the last replacement. This work aims to derive the expected cost rate for each replacement policy, and determine the optimal schedule which minimizes cost rate. Finally, a numerical example is given to fit our research.

 
Keywords Minimal repair; One-cycle criterion; Optimization; Preventive replacement; Random working time
   
    Article #:  DSBFI23-22
 
Proceedings of 2nd ISSAT International Conference on Data Science in Business, Finance and Industry
January 8-10, 2023 - Da Nang, Vietnam