Condition based replacement policies—a counting process approach |
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Authors: | Terje Aven |
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Affiliation: | Stavanger University College, P.O. Box 2557, 4004 Travanger, Norway |
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Abstract: | This paper presents a general framework for analysing condition based replacement policies for stochastically failing units. The framework is based on the theory of counting processes. A replacement policy minimizing the long run expected cost is determined. The paper discusses both non-repairable and repairable units. Two examples are analysed in detail: shock models and monotone (coherent) systems. |
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