A random review replacement model for a system subject to compound poisson shocks

We present a transform-free analysis of the following model. The state of the system is initially 0 and thereafter increases jumpwise due to compound Poisson shocks. Each shock increases the state by a random amount. The system is inspected at random points in time. If the state is above a threshold at an inspection, the system is replaced, otherwise no action is taken. Each replacement instantaneously brings the state back to 0. (Existing models assume either exponential interinspection times or discrete shock magnitudes.) This model can be applied to reliability, inventory, and queueing problems. Interpretations are given throughout to make the results easier to understand and to apply.
Publisher
Marcel Dekker Inc.
Issue Date
2000
Language
ENG
Citation

STOCHASTIC ANALYSIS AND APPLICATIONS, v.18, no.1, pp.145 - 157

ISSN
0736-2994
URI
http://hdl.handle.net/10203/1344
Appears in Collection
NE-Journal Papers(저널논문)
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