In this note we present a general framework for optimization of replacement times. It covers a number of models, including various age and block replacement models, and allows a uniform analysis for all these models. A relation to the marginal cost concept is described.

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doi.org/10.1016/S0951-8320(97)00055-0, hdl.handle.net/1765/2256
Reliability Engineering & System Safety
Erasmus School of Economics

Dekker, R., & Scarf, P. A. (1997). On the impact of optimization models in maintenance decision making: the state of the art. Reliability Engineering & System Safety, 61–67. doi:10.1016/S0951-8320(97)00055-0