Optimal replacement policies for a multicomponent reliability system
type: Item
instance of: scholarly article
title: Optimal replacement policies for a multicomponent reliability system
zbMATH Open document ID: 0657.90043
DOI: 10.1016/0167-6377(88)90023-5
author: James Flynn
author: Chia-Shin Chung
author: Dalen Chiang
published in: Operations Research Letters
publication date: 1988-01-01T00:00:00Z
review text: The authors study a discrete time multicomponent coherent system. The system as well as each of its components can be either in a functioning condition or in failed condition. If a component is functioning at the beginning of a period, then it fails during the period with some probability. Replacing a component and the system being in the failed condition at the end of a period costs some money. The problem is to find replacement policies that minimize the expected discounted total infinite-horizon cost or the long run average of the expected undiscounted cost per period. This problem is reduced to a dynamic programming model. The main result states that under the optimal policy a failed component must be replaced iff it is in a certain set (the critical component set).
Mathematics Subject Classification ID: 90B25
Mathematics Subject Classification ID: 90C39
Mathematics Subject Classification ID: 90C40
zbMATH DE Number: 4074788
zbMATH Keywords: discrete time multicomponent coherent system
zbMATH Keywords: replacement policies
zbMATH Keywords: expected discounted total infinite-horizon cost
zbMATH Keywords: long run average of the expected undiscounted cost per period
zbMATH Keywords: optimal policy
zbMATH Keywords: critical component set
reviewed by: G. I. Falin
MaRDI profile type: Publication
full work available at URL: 0167-6377(88)90023-5
OpenAlex ID: W2051047297
cites work: Q4158362
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cites work: Optimal Policy for a Multi-Product, Dynamic, Nonstationary Inventory Problem
description: scientific article; zbMATH DE number 4074788