Geometric processes and replacement problem (Q1113542): Difference between revisions
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Latest revision as of 11:34, 19 June 2024
scientific article
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English | Geometric processes and replacement problem |
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Geometric processes and replacement problem (English)
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1988
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A sequence \(\{X_ n,n\geq 1\}\) of independent nonnegative random variables is said to form a geometric process if \(X_ n\) has the same distribution as \(c^{n-1}X_ 1\), where \(c>0\). It is a decreasing or an increasing process according to \(c\leq 1\) or \(c\geq 1\) \((c=1\) is nothing but a renewal process). Consider a replacement model where survival times between successive repairs form a decreasing geometric process, while successive repair times form an independent increasing geometric process. For this model expressions for average long-run cost per unit time are obtained for two replacement policies - one based on the age of the system and the other based on the number of repairs.
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renewal process
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repairable systems
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geometric process
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replacement model
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replacement policies
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