Multivariate Optimal Replacement Policies for a System subject to Shocks (Q4346896)
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scientific article; zbMATH DE number 1044045
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| English | Multivariate Optimal Replacement Policies for a System subject to Shocks |
scientific article; zbMATH DE number 1044045 |
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Multivariate Optimal Replacement Policies for a System subject to Shocks (English)
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18 February 1998
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system subjected to shocks
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replacement policies
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optimal policies
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0.8830394744873047
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0.8788211345672607
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0.8769205212593079
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0.8697642683982849
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0.8678402304649353
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The authors consider a system subjected to shocks inflicted randomly in time. They introduce and study some models of replacement policies based on the number of shocks, on the cumulative (and on the maximum) damage caused due to the shocks, and on the age of the system. For each model they derive the optimal replacement policy based on the long run average cost. Finally they compare the different optimal policies and show that the optimal policies get better as the number of constraints on them increases.
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