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An Optimal Decision Rule for Repair vs Replacement

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1 Author(s)
Muth, Eginhard J. ; Dept of Industrial & Systems Engineering; University of Florida; Gainesville FL 32611 USA.

This paper presents a policy for either repairing or replacing a system that has failed. The policy applies to systems whose mean residual life function is decreasing. An optimal policy is developed that minimizes the cost per unit time for repair and replacement. Results are shown graphically for a particular distribution of time to failure and are motivated in terms of an automobile replacement problem.

Published in:

Reliability, IEEE Transactions on  (Volume:R-26 ,  Issue: 3 )