Summary

The models proposed have developed a unified structure for decision making where the degradation is described by a process Xt has an associated process Yt that is given or is constructed. The models require a bivariate transition density and some simple examples have been given. The formulation of the models depends on identifying the instants of perfect repair or replacement where the probability laws are reset to time zero. The construction of the intervals also allows the sequential version of the models to be formulated as a dynamic programming problem.

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