Replacement policies for periodic damage models

Abstract

A new periodic damage model for preventive replacement policies is proposed in this paper, where the damage produced by shocks is only measured at periodic times, without considering the mathematical models of the stochastic shock and cumulative process of damage. We model five replacement policies using three approaches of whichever triggering event occurs first, whichever triggering event occurs last, and replacing over a planned measure, which are named as replacement first, replacement last, over-damage replacement, over-damage replacement first, and over-damage replacement last, respectively. In an analytical way, we obtain their optimum replacement times to minimize the expected cost rates and compare them to find which model saves cost for a long run. 2016, International Society of Science and Applied Technologies. All rights reserved.