A unified treatment of single component replacement models

Abstract

In this paper we discuss a general framework for single component replacement models. This framework is based on the regenerative structure of these models and by using results from renewal theory a unified presentation of the discounted and average finite and infinite horizon cost models is given. Finally, some well-known replacement models are discussed, and making use of the previous results an easy derivation of their cost functions is presented.

On the Marginal Cost Approach in Maintenance

“…If E(Z) denotes the expectation of the random variable Z, and if the function k: [0, oo) -»[0, oo) given by is finite-valued, it is well known by the regenerative structure of the family of age replacement models (Ref. 6…”