Age Replacement Policy with a Safety Constraint via the Bayesian Method |
| |
| Authors: | Shey-Huei Sheu Chin-Chih Chang Chaun-Hung Chiu |
| |
| Institution: | 1. Department of Statistics and Informatics Science , Providence University , Taichung , Taiwan;2. Department of Industrial Management , National Taiwan University of Science and Technology , Taipei , Taiwan shsheu@pu.edu.tw;4. Department of Statistics and Informatics Science , Providence University , Taichung , Taiwan;5. Department of Industrial Management , National Taiwan University of Science and Technology , Taipei , Taiwan |
| |
| Abstract: | Consider a system that is subject to shocks that arrive according to a non homogeneous Poisson process. As the shocks occur, the system has m + 1 failure modes including the following: (i) a non repairable failure (catastrophic) mode that calls for a replacement and (ii) m repairable failure (non catastrophic) modes that are rectified by minimal repairs. In this article, we propose an age-replacement model with minimal repair based on using the natural conjugate prior of Bayesian method. In addition, a safety constraint is considered to control the risk of occurring catastrophic failures in a specified time interval. The minimum-cost replacement policy is studied in terms of its existence and safety constraint. A numerical example is also presented to illustrate the proposed model. |
| |
| Keywords: | Age replacement Bayesian method Minimal repair Natural conjugate prior Safety constraint |
|
|
