Condition-based maintenance has been proven effective in reducing unexpected failures with minimum operational costs. This study considers an optimal condition-based replacement policy with optimal inspection interval when the degradation conforms to an inverse Gaussian process with random...

We consider time-changed Poisson processes, and derive the governing difference–differential equations (DDEs) for these processes. In particular, we consider the time-changed Poisson processes where the time-change is inverse Gaussian, or its hitting time process, and discuss the governing...

Abstract We analyze a data set containing rental revenues, maintenance costs, and sale prices of five different types of rental machines to econometrically estimate key relationships needed to implement a dynamic programming model of the optimal timing of replacement of rental equipment owned by...

A system (e.g., a car) must operate for the next t time units. A certain component (e.g., a battery) must be replaced whenever it fails, as it is essential for the operation of the system. There are several types of components differing only in price and life distribution. The problem of...