2024, Vol. 9, Issue 3, Part B
The optimal replacement strategy for a system failure even with longer repair time frames
Author(s): Wakil Kumar, Dr. Ashish Kumar Jha and Prem Kumar Karn
Abstract: The goal of this research is to determine the most efficient plan of action for replacing and maintaining a functional system. This is broken down and suffers unpredictable impacts. The failure mechanism is represented as a generalized delta shock process, while the repair time is represented as a geometric process. We also express the system's long-term average cost per unit time. This is a component of the threshold replacement plan. Our average cost function assists us in determining the optimal replacement policy (N*) and reduces the average cost. With additional numerical examples, we further demonstrate the uniqueness of the optimal policy N*. This study develops a model that is applicable to numerous systems in the real world.
Pages: 110-116 | Views: 114 | Downloads: 8Download Full Article: Click Here
How to cite this article:
Wakil Kumar, Dr. Ashish Kumar Jha, Prem Kumar Karn. The optimal replacement strategy for a system failure even with longer repair time frames. Int J Stat Appl Math 2024;9(3):110-116.
