PROJECT TITLE :
Age-Based Replacement Policy With Consideration of Production Wait Time
During this paper, we have a tendency to consider the replacement of a unit that is subject to a dominant failure mode. The unit is usually replaced by an age-based replacement policy, either when a preset age limit has been reached, or when failure occurs before this limit. But, the unit can additionally get replaced when it encounters a random production wait and its age has reached a sure threshold. Using such an opportunity for replacement will help to reduce system downtime. We tend to formulate this joint age-primarily based replacement limit and threshold optimization problem with the target of minimizing the expected cost per unit time in the future. A true-information example is presented to illustrate the applicability and effectiveness of our model.
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