IDEAS home Printed from https://ideas.repec.org/a/wly/apsmbi/v24y2008i3p221-235.html
   My bibliography  Save this article

Optimal replacement policy for obsolete components with general failure rates

Author

Listed:
  • Sophie Mercier

Abstract

Identical components are considered, which become obsolete once new‐type ones are available, more reliable and less energy consuming. We envision different possible replacement strategies for the old‐type components by the new‐type ones: either purely preventive, where all old‐type components are replaced as soon as the new‐type ones are available; either purely corrective, where the old‐type ones are replaced by new‐type ones only at failure; or a mixture of both strategies, where the old‐type ones are first replaced at failure by new‐type ones and next simultaneously preventively replaced after a fixed number of failed old‐type components. To evaluate the respective value of each possible strategy, a cost function is considered, which represents the mean total cost on some finite time interval [0, t]. This function takes into account replacement costs, with economical dependence between simultaneous replacements, and also some energy consumption (and/or production) cost, with a constant rate per unit time. A full analytical expression is provided for the cost function induced by each possible replacement strategy. The optimal strategy is derived in long‐time run. Numerical experiments conclude the paper. Copyright © 2008 John Wiley & Sons, Ltd.

Suggested Citation

  • Sophie Mercier, 2008. "Optimal replacement policy for obsolete components with general failure rates," Applied Stochastic Models in Business and Industry, John Wiley & Sons, vol. 24(3), pages 221-235, May.
    • Handle: RePEc:wly:apsmbi:v:24:y:2008:i:3:p:221-235
    DOI: 10.1002/asmb.706
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/asmb.706
    Download Restriction: no
    File URL: https://libkey.io/10.1002/asmb.706?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nguyen, T.P.K. & Castanier, Bruno & Yeung, Thomas G., 2014. "Maintaining a system subject to uncertain technological evolution," Reliability Engineering and System Safety, Elsevier, vol. 128(C), pages 56-65.
    2. Yatsenko, Yuri & Hritonenko, Natali, 2015. "Algorithms for asset replacement under limited technological forecast," International Journal of Production Economics, Elsevier, vol. 160(C), pages 26-33.
    3. Qianru Ge & Willem van Jaarsveld & Zümbül Atan, 2020. "Optimal redesign decisions through failure rate estimates," Naval Research Logistics (NRL), John Wiley & Sons, vol. 67(4), pages 254-271, June.
    4. Yatsenko, Yuri & Hritonenko, Natali, 2017. "Machine replacement under evolving deterministic and stochastic costs," International Journal of Production Economics, Elsevier, vol. 193(C), pages 491-501.
    5. Nguyen, T.P. Khanh & Yeung, Thomas G. & Castanier, Bruno, 2013. "Optimal maintenance and replacement decisions under technological change with consideration of spare parts inventories," International Journal of Production Economics, Elsevier, vol. 143(2), pages 472-477.
    6. Mellal, Mohamed Arezki, 2020. "Obsolescence – A review of the literature," Technology in Society, Elsevier, vol. 63(C).
    7. Sou-Sen Leu & Tao-Ming Ying, 2020. "Replacement and Maintenance Decision Analysis for Hydraulic Machinery Facilities at Reservoirs under Imperfect Maintenance," Energies, MDPI, vol. 13(10), pages 1-10, May.
    8. Öner, K.B. & Kiesmüller, G.P. & van Houtum, G.J., 2015. "On the upgrading policy after the redesign of a component for reliability improvement," European Journal of Operational Research, Elsevier, vol. 244(3), pages 867-880.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:apsmbi:v:24:y:2008:i:3:p:221-235. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1002/(ISSN)1526-4025 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.