Optimal age-replacement policy with age-dependent minimal-repair and random-leadtime

A generalized age-replacement policy with age-dependent minimal repair and random leadtime is considered. A model is developed for the average cost per unit time and is based on the stochastic behavior of the assumed system and reflects the cost of storing a spare as well as the cost of system downtime. Determination of the minimum-cost policy time is described and illustrated with a numerical example. Because the model and its analysis are general, several existing results are shown to be subsumed by this model.