Citation
Abstract
This is the second article on the subject of Optimum Equipment Maintenance and/or Replacement Policy which employs the optimization technique called Markov Decision Process. In the first article, dynamic programming was utilized as an alternative optimization technique to determine an optimal policy over a given time period. According to a joint effect of the probabilistic transition of states and the sequence of decision making, the optimal policy is sought such that a set of decisions optimizes the long-run expected average cost (or profit) per unit time. Provision of an alternative measure for the expected long-run total discounted cost is also considered. A computer program based on the concept of the Markov Decision Process was developed and tested. The program code listing, the statement of a sample problem, and the computed results are presented in this report..
Details
- Volume
- 42-67
- Published
- February 15, 1982
- Pages
- 75–89
- File Size
- 785.3 KB