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Monte Carlo Optimization of the Replacement Strategy of Components subject to Technological Obsolescence

  • Odile Michel
  • Pierre-Etienne Labeau
  • Sophie Mercier

Abstract

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.

Keywords

Monte Carlo Replacement Time Replacement Policy Monte Carlo Code Erlang Distribution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

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    S. Mercier, P.E. Labeau, Optimal replacement policy for a series system with obsolescence, Appl. Stochastic Models Bus. Ind. (2004), in press.Google Scholar
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    M. Modarres, What every engineer should know about reliability and risk analysis, Dekker Inc. New York, 1993. 231–236Google Scholar

Copyright information

© Springer-Verlag London 2004

Authors and Affiliations

  • Odile Michel
    • 1
    • 2
  • Pierre-Etienne Labeau
    • 1
    • 3
  • Sophie Mercier
    • 4
  1. 1.Service de Métrologie NucléaireUniversité Libre de BruxellesBruxellesBelgium
  2. 2.Grant ULBBelgium
  3. 3.Research AssociateNational Fund for Scientific ResearchBelgium
  4. 4.Laboratoire d’Analyse et de Mathématiques AppliquéesUniversité de Marne-la-Vallée Marne-la-ValléeFrance

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