Optimality of randomized strategies in a Markovian replacement model
type: Item
instance of: scholarly article
title: Optimality of randomized strategies in a Markovian replacement model
zbMATH Open document ID: 1022.93049
author: Peter Bruns
published in: Mathematical Methods of Operations Research
publication date: 2003-06-23T00:00:00Z
review text: This paper studies a replacement system with discrete-time Markovian deterioration and finite state space. The condition, that the long-term fraction of replacement in the state should not be larger than some fixed number, is described. It is shown that a generalized control-limit policy maximizes the expected time between two successive replacements. It is explained how this optimal policy can be derived. Some numerical examples follow.
reviewed by: Klaus Ehemann
Mathematics Subject Classification ID: 93E20
Mathematics Subject Classification ID: 90B25
Mathematics Subject Classification ID: 90C40
zbMATH DE Number: 1932775
zbMATH Keywords: inspection
zbMATH Keywords: maintenance
zbMATH Keywords: replacement system
zbMATH Keywords: discrete-time Markovian deterioration
zbMATH Keywords: generalized control-limit policy
MaRDI profile type: Publication
full work available at URL: s001860200236
OpenAlex ID: W2118951511
DOI: 10.1007/S001860200236
description: scientific article; zbMATH DE number 1932775