Age and periodic replacement policies with two failure modes in general replacement models

This paper studies age and periodic replacement policies in general replacement models by considering major failures and minor failures, meanwhile, random replacement policies are applied as alternatives for regular policies into replacement first and last models. We obtain the expected cost rates for each planned replacement policies. Optimal regular replacement and random replacement policies are discussed and compared from the point of cost in analytical ways. Furthermore, exponential minor failure, exponential major failure, and Weibull major failure with an increasing hazard rate of minor failure are illustrated in numerical analyses.

Automated summary

This paper examines age and periodic replacement policies in general replacement models, considering major and minor failures. The expected cost rates for planned replacement policies are calculated and optimal regular and random replacement policies are compared analytically in terms of cost. Numerical analyses illustrate exponential minor failure, exponential major failure, and Weibull major failure with increasing hazard rate of minor failure.