Optimally designed renewal reward processes: General framework and applications

DOI10.1016/S0377-2217(86)80012-1MaRDI QIDQ1084770zbMATH OpenFDO

Authors Yigal Gerchak, Peter Kubat

Publication date 1986

Published in European Journal of Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/S0377-2217(86)80012-1

zbMATH Keywords

design of repairable systemsrenewal distributions that are controllablerenewal processesstochastic dispatching

Mathematics Subject Classification ID

Renewal theory (60K05) Applications of renewal theory (reliability, demand theory, etc.) (60K10)

Review text

For physical and organizational systems which are regenerative in nature, certain mechanisms may be utilized to effect the time between regenerations. Those scenarios give rise to renewal processes with renewal distributions that are controllable at cost. We provide a unifying framework for optimal design of such processes in situations where certain parameter(s) of the renewal distributions can be manipulated at cost. Following the formulation of the general problem and discussion of some of its properties, we discuss three application areas where such situations arise. Those involve stochastic dispatching, labour turnover control, and design of repairable systems.

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Cites work

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Cited in

(5)

• Optimal level of diagnostics in distributed communication systems
• Hiring policies in an uncertain environment: Cost and productivity trade-offs
• `Buy \(n\) times, get one free' loyalty cards: are they profitable for competing firms? A game theoretic analysis
• A translated renewal model with cost optimization applications
• The class of L ∩ D and its application to renewal reward process

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