A single - item replacement decision model for repairable spare parts over an infinite time horizon: an analytical solution
In this paper, we present an analytical method for determining spare parts replacement over an infinite planning horizon. (The objective is to minimize the total system cost). We develop an exact and simple method for determining the time for equipment replacement or making decision about when to replace equipments, rather than that of continued maintenance of equipments. We demonstrate that the optimum replacement time corresponds to when the cost of the next period is greater than the weighted average of expenditures already made. Numerical example is given to illustrate our proposed model.
Global Journal of Mathematical Sciences Vol. 6 (1) 2007: pp. 63-69