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Optimal Replacement Decisions with Mound-Shaped Failure Rates

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Optimization and Dynamics with Their Applications

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Abstract

Time-to-failure distributions with mound-shaped failure rates are examined, and the existence of optimal preventive replacement policies is studied. Sufficient and necessary conditions are derived for the existence and the uniqueness of the optimal solutions. The cases of lognormal, log-logistic, log-gamma and log-Weibull variables are discussed in detail. Examples of lognormal cases are provided for illustration.

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Author information

Authors and Affiliations

  1. Wuhan University, Wuhan, China

    Qiuze Yu

  2. ReliaSoft Corporation, Tucson, AZ, USA

    Huairui Guo & Miklos Szidarovszky

Authors
  1. Qiuze Yu
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  2. Huairui Guo
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  3. Miklos Szidarovszky
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Corresponding author

Correspondence to Huairui Guo .

Editor information

Editors and Affiliations

  1. Department of Economics, Chuo University, Hachioji, Tokyo, Japan

    Akio Matsumoto

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© 2017 Springer Nature Singapore Pte Ltd.

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Yu, Q., Guo, H., Szidarovszky, M. (2017). Optimal Replacement Decisions with Mound-Shaped Failure Rates. In: Matsumoto, A. (eds) Optimization and Dynamics with Their Applications. Springer, Singapore. https://doi.org/10.1007/978-981-10-4214-0_14

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