Optimal replacement strategies in capital equipment management seek to balance the economic and operational trade‐offs associated with asset renewal. This field integrates financial analysis, ...

Consider a system that is subject to a sequence of randomly occurring shocks; each shock causes some damage of random magnitude to the system. Any of the shocks might cause the system to fail, and the ...

This paper investigates the use of a discrete-time semi-Markov process to model a system that deteriorates in usage. Replacement rules that are (1) state-dependent, (2) state-age-dependent, and (3) ...