Optimal Replacement in the Proportional Hazards Model With Semi-Markovian Covariate Process and Continuous Monitoring

@article{Wu2011OptimalRI,
  title={Optimal Replacement in the Proportional Hazards Model With Semi-Markovian Covariate Process and Continuous Monitoring},
  author={Xiang Wu and Sarah M. Ryan},
  journal={IEEE Transactions on Reliability},
  year={2011},
  volume={60},
  pages={580-589}
}
Motivated by the increasing use of condition monitoring technology for electrical transformers, this paper deals with the optimal replacement of a system having a hazard function that follows the proportional hazards model with a semi-Markovian covariate process, which we assume is under continuous monitoring. Although the optimality of a threshold replacement policy to minimize the long-run average cost per unit time was established previously in a more general setting, the policy evaluation… CONTINUE READING

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