Optimum Age Replacement Policies with an Ikreasing Cost Factor |
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| Authors: | Richard L Scmeaffer |
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| Affiliation: | Department of Statistics , University of Florida , Gainesville , Florida |
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| Abstract: | Some age replacement policies are investigated for the case in which the cost of keeping an individual unit operating in a system increases with the age of the unit. The optimum age replacement policy is the one which minimizes the average expected cost per unit time over an infinite time span. The case in which the life distribution of the units is exponential is investigated in detail, with numerical examples included. |
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