Statistics Seminars: Optimal inspection and replacement decisions for deteriorating systems
14 February 2003 14:00 in CM221
"The talk covers the development of a general model for inspection, repair and replacement of a system subject to stochastic degradation. The models are applicable to systems described by monotone or non-monotone stochastic processes. Explicit results are available for some Levy process models. Optimum policies are determined for both average and discounted cost criteria."
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