Business Analytics Seminar
Geometric Process Maintenance Model
Professor Yeh Lam, Department of Statistics and Actuarial Science, University of Hong Kong
10th Dec 2012 11:00 am - Room 498 Merewether Building H04
In this talk, as an important application of geometric process (GP) which was introduced by Lam (1988), we shall study the geometric process maintenance model (GPMM). According to different values of parameters in the GP, a deteriorating GPMM and an improving GPMM are studied respectively. A policy N is applied by which the system will be replaced following the Nth failure. Then an optimal policy N* is determined analytically and the monotone properties of N* are then studied. Hence, the GPMM is a more reasonable model and a simpler model than the classical maintenance models such as the perfect repair model and the minimal repair model. Some generalization of the GPMM is also introduced.