A random walk model for a multi-component deteriorating system
type: Item
instance of: scholarly article
title: A random walk model for a multi-component deteriorating system
zbMATH Open document ID: 1159.90352
DOI: 10.1016/S0167-6377(01)00109-2
author: Dror Zuckerman
author: Wolfgang Stadje
published in: Operations Research Letters
publication date: 2002-07-03T00:00:00Z
review text: An optimal replacement strategy for a production system consisting of \(l\) components is to be determined. The state of the system is described by a vector \(i=(i_1,\ldots ,i_l)\), where the nonnegative integers \(i_k\) measure the damage level of the \(k\)-th component (\(i_k=0\) for a perfect component). The moves of the system are described by a Markov chain until a state (depending on the strategy) is reached which enforces perfect repair of all components. Under natural assumptions on the Markov chain, the reward of the operating system, the time and cost of repair the authors prove the existence and the general form of a strategy that optimizes the long-run average reward. In simple examples the optimal strategy is explicitly determined.
reviewed by: Helmut Wegmann
Mathematics Subject Classification ID: 90B25
Mathematics Subject Classification ID: 60G50
zbMATH DE Number: 1762708
zbMATH Keywords: multi-component system
zbMATH Keywords: deterioration
zbMATH Keywords: replacement
zbMATH Keywords: random walk
zbMATH Keywords: long-run average reward, control-limit policy
MaRDI profile type: Publication
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full work available at URL: s0167-6377(01)00109-2
OpenAlex ID: W2038646980
description: scientific article; zbMATH DE number 1762708