The optimal performance of a repairable system where failure results in either an imperfect repair or replacement under exponential time between failures and repair times is discussed in this study. We develop a constrained stochastic nonlinear optimization model with capital, repair, and downtime costs constituting the three cost categories of the objective function. In this context, a closed expression for the optimal minimum cost is developed, along with analytical expressions for a variety of parameters, including repair and replacement rates.
Optimal performance of a stochastic repair and replacement model with imperfect Repairs
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