Risk-based Replacement Scheme: Rational Replacement under Supply Risk

Though many studies on life extension of power apparatus have been carried out recently, it is inevitable to replace them in the not too distant future. However, if replacements of apparatus occur simultaneously, manufacturers may not able to supply the apparatus within a reasonable cost. This letter proposes a rational replacement scheme to avoid such supply risk. Copyright © 2008 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.