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Cost Optimization of Some Stochastic Maintenance Policies

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1 Author(s)
Ehud Menipaz ; Deparment of Management Science; The University of of Calgary; Calgary, Alberta T2N 1N4 CANADA.

This paper examines a preparedness policy of a stochastically failing system. It deals with two yet unsolved problems in the field of maintenance policies. Problem 1 analyzes a model that includes a discount factor. Problem 2 analyzes a model that includes maintenance costs that change over time. The models are solved by a conventional method and by dynamic programming.

Published in:

IEEE Transactions on Reliability  (Volume:R-28 ,  Issue: 2 )