@article{ref1,
title="Optimal Continuous Policies for Repair and Replacement",
journal="Operational research quarterly",
year="1974",
author="di Véroli, J. C.",
volume="25",
number="1",
pages="89-97",
abstract="This paper investigates the problem of finding optimal replacement policies for equipment subject to failures with randomly distributed repair costs, the degree of reliability of the equipment being considered as a state of a Markov process. Algorithms have been devised to find optimal combined policies both for preventive replacement and for replacement in case of failure by using repair-limit strategies. First a simple procedure to obtain an optimal discrete policy is described. Then an algorithm is formulated in order to calculate an optimal continuous policy: it is shown how the optimal repair limit is the solution to an ordinary differential equation, and how the value of the repair limit determines the optimal preventive replacement policy.<p />",
language="",
issn="0030-3623",
doi="",
url="http://dx.doi.org/"
}