Prediction Model Selection and Spare Parts Ordering Policy for Efficient Support of Maintenance and Repair of Equipment

Stochastic Control and Improvement of Statistical Decisions in Revenue Optimization Systems

“…Using the technique of invariant embedding (Nechval et al, 1999;2004;2008;2010a;2010b;2010c;2010d;2010e;2011a;2011b), we reduce (13) to…”

“…Consider the case when the parameter  is unknown. To find the best invariant decision rule BI u, we use the invariant embedding technique (Nechval et al, 1999;2004;2008;2010a;2010b;2010c;2010d;2010e;2011a;2011b) to transform (39) to the form, which is depended only on the pivotal quantities V, V1, and the ancillary factor . In statistics, a pivotal quantity or pivot is a function of observations and unobservable parameters whose probability distribution does not depend on unknown parameters.…”

“…For constructing the improved statistical decisions, a new technique of invariant embedding of sample statistics in a performance index is proposed (Nechval et al, 1999;2004;2008;2010a;2010b;2010c;2010d;2010e;2011a;2011b). This technique represents a simple and computationally attractive statistical method based on the constructive use of the invariance principle in mathematical statistics.…”

“…Using the invariant embedding technique (Nechval et al, 1999;2004;2008;2010a;2010b;2010c;2010d;2010e;2011a;2011b), we then find in a straightforward manner, that the joint density of V1, V2, W, conditional on fixed…”