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A decision dependent stochastic process model for repairable systems with applications

Author

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  • Zantek, Paul F.
  • Hanson, Timothy
  • Damien, Paul
  • Popova, Elmira

Abstract

Management decisions regarding maintenance protocols critically hinge on the underlying probability distribution of the time between failures in most repairable systems. Replacement of the system with a new one resets the system age to zero, whereas a repair does not alter the system age but may shift the parameters of the failure-time distribution. Additionally, maintenance decisions lead to left-truncated observations, and right-censored observations. Thus, the underlying stochastic process governing a repairable system evolves based on the management decision taken.

Suggested Citation

  • Zantek, Paul F. & Hanson, Timothy & Damien, Paul & Popova, Elmira, 2015. "A decision dependent stochastic process model for repairable systems with applications," Operations Research Perspectives, Elsevier, vol. 2(C), pages 73-80.
    • Handle: RePEc:eee:oprepe:v:2:y:2015:i:c:p:73-80
    DOI: 10.1016/j.orp.2015.03.002
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    References listed on IDEAS

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