This study investigates two random threshold shock models for a repairable deteriorating system with nonnegligible maintenance times, with and without a spare via a phase‐type geometric process. The system fails whenever the intershock arrival time is less than a random threshold. The provision of stochastic lead time is incorporated in Model II so that an ordering policy N−1 and a replacement policy N based on the number of failures of the system are also considered. An explicit expression of the average cost rate is derived for both models and the optimal replacement policy N* is obtained by minimizing the long‐run average cost rate analytically. The numerical illustrations and sensitivity analysis provided therein conform to the observations made in the study.
Applied Stochastic Models in Business and Industry – Wiley
Published: Jan 1, 2018
Keywords: ; ;
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