Pseudodynamic cost limit replacement model under minimal repair
Abstract This paper presents a mathematical model to evaluate pseudodynamic cost limit replacement policies for a system that follows a general time-to-failure distribution. When the failed system requires repair, it is first inspected and the repair cost is estimated. Minimal repair is only then undertaken if the estimated cost is less than the exponentially declining repair cost limit. A negative exponential distribution of estimated repair cost is assumed for analytic tractability. An example with a Weibull time-to-failure distribution is given to illustrate the computational results.