A note on variance reducing group maintenance policies

Article Abstract:

Group replacements policies are suitable for systems of machines that operate in parallel. They involve interventions that are either replacement or repair to good as new of all machines. Such policies are appealing because they make intuitive sense, can be implemented easily and offer economies of scale. They are usually evaluated by measuring the associated expected cost per unit time. However, it is argued that maintenance managers should not focus solely on reducing expected cost per unit time, but should give equal attention to determining the variance of the process and, consequently, the variability of the costs. The calculation of the variance of the cost per unit time associated with group maintenance policies is demonstrated.

Analysis, Purchasing, Industrial equipment, Maintenance and repair, Production management, Replacement of industrial equipment

---

(m, T) group maintenance policies

Article Abstract:

A model is suggested which recognizes the benefit of coordinated group maintenance planning and investigates a maintenance procedure which demands that group maintenance be conducted at time T upon m failures, depending on what occurs first. The procedure uses the most optimal elements of the popular T-age and m-failure replacement procedures. The economic goal is to reduce the long-run average cost per unit time. An algorithm that does not need unimodality properties is suggested for computing optimal procedures for cost structures and basic failure time distribution.

Planning, Maintenance, Reliability (Engineering)

---

Subjective probability and the prisoner's dilemma

Article Abstract:

The 'dilemma' in Prisoner's Dilemma games is that individually rational choices are not jointly rational. This paradox exists only because game theory definitions of optimality often do not coincide with any natural meaning of optimality. The use of the cooperative move in iterated Prisoner's Dilemma games can be justified, when the decision-maker's beliefs and experience are incorporated into the mathematical analysis of the game through the use of subjective probabilities. An algorithm for determining an optimal game strategy is provided.

Management science, Decision-making, Models, Decision making, Game theory

Similar abstracts:

• Abstracts: Restoring public confidence in government contractors. Information please. Coordinated audits
• Abstracts: Applying the balanced scorecard to small companies. Voluntary financial disclosure by Mexican corporations. Make better decisions: divide and conquer
• Abstracts: Rational choice and the framing of decisions. Fairness and the assumptions of economics. Comments on Arrow and on Lucas
• Abstracts: Personal financial planning. Managing your money: achieving financial independence. Managing your money: lessons from October 19, 1987
• Abstracts: Management in context: an essay on the relevance of culture to the understanding of organizational change. The ethics of shifting ties: management theory and the breakdown of culture in modernity

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.