Accession Number : AD0634198
Title : OPTIMAL REPLACEMENT AND INSPECTION OF STOCHASTICALLY FAILING EQUIPMENT,
Corporate Author : RAND CORP SANTA MONICA CA
Personal Author(s) : Jorgenson, D. W. ; Radner, R.
Report Date : 16 AUG 1960
Pagination or Media Count : 41
Abstract : In preparedness-type models of single-part equipment, with an objective of maximizing the proportion of the time that the system is in a good, ready state, optimal replacement policies are periodic, and the optimal period is easily computed. The same is true of inspection, if the part has an exponential distribution of time to failure. In the case of equipment with several parts, the possibility of opportunistic maintenance arises, to take advantage of 'economies of scale' in maintenance actions. In the simple cases we have discussed, concerning equipment with two parts, one of which is monitored, the optimal policies are of the (n, N) type, which includes the periodic type as a special case. Models with more than two parts appear to present serious analytical difficulties, if one wishes to take account of economies of scale. It is likely, furthermore, that optimal policies in such cases would typically be too complicated for practical use. It may turn out, therefore, that policies of the (n, N) type will provide good practical solutions to problems involving many-part systems. Much work remains, of course, in developing techniques for optimizing even within this simple class. (Author)
Descriptors : *INVENTORY CONTROL), (*OPTIMIZATION, (*REPLACEMENT THEORY, INVENTORY CONTROL), MAINTENANCE, UNCERTAINTY.
Subject Categories : Logistics, Military Facilities and Supplies
Statistics and Probability
Distribution Statement : APPROVED FOR PUBLIC RELEASE