Journal ArticleDOI
Optimal replacement policies with minimal repair and age-dependent costs
Mingchih Chen,Richard M. Feldman +1 more
Reads0
Chats0
TLDR
A modified minimal repair/replacement problem that is formulated as a Markov decision process is studied and it is shown that a control limit policy, or in particular a ( t, T ) policy, is optimal over the space of all possible policies under the discounted cost criterion.About:
This article is published in European Journal of Operational Research.The article was published on 1997-04-01. It has received 77 citations till now. The article focuses on the topics: Optimal decision & Markov decision process.read more
Citations
More filters
Journal ArticleDOI
A survey of maintenance policies of deteriorating systems
TL;DR: This survey summarizes, classifies, and compares various existing maintenance policies for both single-unit and multi-unit systems, with emphasis on single- unit systems.
Journal ArticleDOI
An overview of time-based and condition-based maintenance in industrial application
TL;DR: It can be concluded that the application of the CBM technique is more realistic, and thus more worthwhile to apply, than the TBM one, however, further research on CBM must be carried out in order to make it more realistic for making maintenance decisions.
Journal ArticleDOI
Financial liberalization and bank efficiency: a comparative analysis of India and Pakistan
TL;DR: A comparative analysis of the evolution of the technical efficiency of commercial banks in India and Pakistan during 1988-1998, a period characterized by farreaching changes in the banking industry brought about by financial liberalization is provided in this article.
Journal ArticleDOI
The Optimal Timing of Living-Donor Liver Transplantation
TL;DR: This work considers the problem of optimally timing a living-donor liver transplant to maximize the patient's total reward, such as quality-adjusted life expectancy, and formulate a Markov decision process (MDP) model in which the state of the process is described by patient health.
Journal ArticleDOI
Economic reforms and bank efficiency in developing countries: the case of the Indian banking industry
Ali Ataullah,Hang Le +1 more
TL;DR: In this paper, the authors proposed and tested hypotheses regarding the possibility of a relationship between three elements of the Economic Reforms (ERs) and bank efficiency in developing countries, using the Indian banking industry as a case study.
References
More filters
Journal ArticleDOI
Numerical Recipes, The Art of Scientific Computing
Journal ArticleDOI
Optimum Preventive Maintenance Policies
TL;DR: In this paper, two types of preventive maintenance policies are considered, and the optimum policies are determined, in each case, as unique solutions of certain integral equations depending on the failure distribution.
Journal ArticleDOI
Periodic Replacement with Increasing Minimal Repair Costs at Failure
Philip J. Boland,Frank Proschan +1 more
TL;DR: This paper treats a model for this minimal repair-periodic replacement policy, and considers the problems of determining the period T which minimizes the total expected cost of repair and replacement over a fixed time horizon.
Journal ArticleDOI
Periodic replacement when minimal repair costs vary with time
TL;DR: A policy of periodic replacement with minimal repair at failure is considered for a complex system and a simple expression is derived for the expected minimal repair cost in an interval in terms of the cost function and the failure rate of the system.