Monte Carlo Optimization of the Replacement Strategy of Components subject to Technological Obsolescence
Components are technologically obsolescent when challenger units with higher performances become available. An optimal strategy mixing corrective and preventive replacements must be defined in order to minimize the expected total cost induced by this change of component generation. Realistic operational assumptions can be accounted for, as costs are estimated by a Monte Carlo simulation.
KeywordsMonte Carlo Replacement Time Replacement Policy Monte Carlo Code Erlang Distribution
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