Optimal continuous-wear limit replacement under periodic inspections

Abstract

An item breaks down when it wears continuously beyond a certain threshold. The item is preventively replaced as the wear at periodic inspections exceeds a certain wear limit; on failure, it is replaced immediately. The optimal wear limit for preventive replacement that minimizes the long-run total average-cost rate is derived. A numerical example demonstrates its computability.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">&gt;</ETX>