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Age-replacement policies under age-dependent replacement costs

Author

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  • Shadi Sanoubar
  • Lisa M. Maillart
  • Oleg A. Prokopyev

Abstract

We consider a stochastically deteriorating system with self-announcing failures that require immediate reactive replacement. For such a system, we consider an age-replacement policy (without minimal repair) under which the system is replaced at failure (reactive replacement) or at a prescribed replacement time (preventive replacement), whichever occurs first. Motivated by factors such as decreasing salvage value or increasing costs associated with obtaining spare parts, we assume that replacement costs are non-decreasing in system age. We formulate a long-run expected cost-rate minimization model with instantaneous replacements that captures this dependency, and provide conditions under which there exists a unique optimal solution. We provide analytical and numerical results that compare the cost-rate minimizing optimal replacement policy, and its performance, to those for the case in which replacement costs are assumed to be constant. Finally, we also consider non-instantaneous replacements, and compare cost-rate minimizing and availability maximizing policies.

Suggested Citation

  • Shadi Sanoubar & Lisa M. Maillart & Oleg A. Prokopyev, 2021. "Age-replacement policies under age-dependent replacement costs," IISE Transactions, Taylor & Francis Journals, vol. 53(4), pages 425-436, April.
    • Handle: RePEc:taf:uiiexx:v:53:y:2021:i:4:p:425-436
    DOI: 10.1080/24725854.2020.1819580
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    Cited by:

    1. Levitin, Gregory & Xing, Liudong & Dai, Yuanshun, 2021. "Influence of storage on mission success probability of m-out-of-n standby systems with reusable elements," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    2. Lijun Shang & Xiguang Yu & Yongjun Du & Anquan Zou & Qingan Qiu, 2022. "An Optimal Random Hybrid Maintenance Policy of Systems under a Warranty with Rebate and Charge," Mathematics, MDPI, vol. 10(18), pages 1-19, September.
    3. Jiang, Weixin & Cui, Lirong & Liang, Xiaojun, 2024. "Optimal maintenance policies for three-unit parallel production systems considering yields," Reliability Engineering and System Safety, Elsevier, vol. 248(C).
    4. Schouten, Thijs Nicolaas & Dekker, Rommert & Hekimoğlu, Mustafa & Eruguz, Ayse Sena, 2022. "Maintenance optimization for a single wind turbine component under time-varying costs," European Journal of Operational Research, Elsevier, vol. 300(3), pages 979-991.

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