OPTIMAL DECISION RULE FOR REPAIR VS REPLACEMENT

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.

• Corporate Authors:

  Institute of Electrical and Electronics Engineers (IEEE)

  3 Park Avenue, 17th Floor
  New York, NY  United States  10016-5997
• Authors:
  • Muth, E J
• Publication Date: 1977-8

Media Info

• Pagination: p. 179-181
• Serial:
  • IEEE Transactions on Reliability
  • Volume: R-26
  • Issue Number: 3
  • Publisher: Institute of Electrical and Electronics Engineers (IEEE)

Subject/Index Terms

• TRT Terms: Decision making; Depreciation; Economic analysis; Equipment replacement; Investments; Maintenance management; Maintenance practices; Planning; Repairing
• Uncontrolled Terms: Repairs; Replacement
• Subject Areas: Economics; Finance; Maintenance and Preservation; Planning and Forecasting; Railroads;

Filing Info

• Accession Number: 00172668
• Record Type: Publication
• Source Agency: Engineering Index
• Files: TRIS
• Created Date: Mar 29 1978 12:00AM