Group Replacement Model Using Hidden Markov Model
Group replacement model is applicable to the items
that fail completely on usage and the result is group
replacement age for the entire group of items in the system
irrespective of whether they are functioning or not. Generally
Industrial items /equipment get worn with time and usage and it
functions with decreasing efficiency. The increasing repair and
maintenance cost demands the replacement of items. In the
current model an intermediate state called repairable
breakdown state in between functioning and irreparable
breakdown state is considered and the Hidden Markov Model
(HMM) is made use of in generating the probabilities of items
falling in different states. Replacement decision is made
considering money value. The optimal replacement age is the
time bucket ‘t’ at which the average cost of the individual
replacement, repair and the cost of the group of items is
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