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“Optimal” Policy in a Maintenance Cost Problem

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  • Regina C. Elandt-Johnson

    (The University of North Carolina, Chapel Hill, North Carolina)

Abstract

This paper is concerned with estimating the “optimal” policy when the (unknown) cost function C ( x ) is nonlinear with a single minimum, and can be approximated in the neighborhood of the minimum by a polynomial regression. The value x 0 , at which C ( x ) attains minimum, is approximated by ◯ 0 obtained from the regression function, and the expected value of the difference between the actual cost, Ŷ 0 = C ( ◯ 0 ), and the true minimum cost, Y 0 = C ( x 0 ), is evaluated. The Central Limit Theorem and Taylor series expansion of the multivariable function is applied in this procedure.

Suggested Citation

  • Regina C. Elandt-Johnson, 1967. "“Optimal” Policy in a Maintenance Cost Problem," Operations Research, INFORMS, vol. 15(5), pages 813-819, October.
    • Handle: RePEc:inm:oropre:v:15:y:1967:i:5:p:813-819
    DOI: 10.1287/opre.15.5.813
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