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Age-replacement policy for items described by stochastic degradation with dependent increments
- Title
- Age-replacement policy for items described by stochastic degradation with dependent increments
- Authors
- Cha, Ji Hwan; Finkelstein, Maxim; Levitin, Gregory
- Ewha Authors
- 차지환
- SCOPUS Author ID
- 차지환
- Issue Date
- 2022
- Journal Title
- IMA JOURNAL OF MANAGEMENT MATHEMATICS
- ISSN
- 1471-678X
1471-6798
- Citation
- IMA JOURNAL OF MANAGEMENT MATHEMATICS vol. 33, no. 2, pp. 273 - 287
- Keywords
- preventive maintenance; transformed gamma process; dependent increments
- Publisher
- OXFORD UNIV PRESS
- Indexed
- SCIE; SSCI; SCOPUS
- Document Type
- Article
- Abstract
- We consider a hybrid preventive maintenance policy. As in the classic model of age-replacement, a system is replaced either on failure or on reaching a predetermined age T. Additionally, it can be replaced on reaching a predetermined level of deterioration at some intermediate time in [0,T). We use a transformed gamma process with dependent increments to model the deterioration. A failure of an item occurs when this process reaches a predetermined deterministic level. We show that the proposed policy outperforms the classical one, that is, it achieves a lower value of the long-run cost rate. A detailed numerical illustration is presented and sensitivity analysis for the main parameters of the model is performed. The work in the paper makes an important contribution to maintenance modelling because dependent increments can better represent deterioration of a real system.
- DOI
- 10.1093/imaman/dpab014
- Appears in Collections:
- 자연과학대학 > 통계학전공 > Journal papers
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