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Age Replacement Policies with Shortage and Excess Costs
- Source :
- International Journal of Reliability, Quality and Safety Engineering. 25:1850026
- Publication Year :
- 2018
- Publisher :
- World Scientific Pub Co Pte Lt, 2018.
-
Abstract
- It has been proposed in recent literatures that if replacement time is planned too early prior to failure time, a waste of operation cost, i.e., excess costs, would incur because the system might run for an additional period of time to complete critical operations; and if the replacement time is too late after failure, a great failure cost, i.e., shortage cost, is incurred due to the delay in time of the carelessly scheduled replacement. The above notion of shortage and excess costs are taken into consideration for the replacement first, replacement last and replacement overtime models in this paper. We obtain the expected cost rates and their optimum replacement times. Comparisons among these optimum times are made analytically and numerically.
- Subjects :
- 0209 industrial biotechnology
021103 operations research
General Computer Science
Random replacement
0211 other engineering and technologies
Energy Engineering and Power Technology
Aerospace Engineering
Economic shortage
02 engineering and technology
Working time
Industrial and Manufacturing Engineering
020901 industrial engineering & automation
Nuclear Energy and Engineering
Operations management
Business
Electrical and Electronic Engineering
Safety, Risk, Reliability and Quality
Subjects
Details
- ISSN :
- 17936446 and 02185393
- Volume :
- 25
- Database :
- OpenAIRE
- Journal :
- International Journal of Reliability, Quality and Safety Engineering
- Accession number :
- edsair.doi...........b9c69cfb573d1b5f0efa182de0bdca18
- Full Text :
- https://doi.org/10.1142/s0218539318500262