Abstract
In this paper we discuss a general framework for single component replacement models. This framework is based on the regenerative structure of these models and by using results from renewal theory a unified presentation of the discounted and average finite and infinite horizon cost models is given. Finally, some well-known replacement models are discussed, and making use of the previous results an easy derivation of their cost functions is presented.
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Frenk, H., Dekker, R. & Kleijn, M. A unified treatment of single component replacement models. Mathematical Methods of Operations Research 45, 437–454 (1997). https://doi.org/10.1007/BF01194789
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DOI: https://doi.org/10.1007/BF01194789