In the preventive replacement policies of system that the failure can be detected through only periodic inspection, there is a penalty cost associated with the lapsed time between system failure and its detection. The system under study is replaced if...
In the preventive replacement policies of system that the failure can be detected through only periodic inspection, there is a penalty cost associated with the lapsed time between system failure and its detection. The system under study is replaced if the system fails before $n^{th}$ inspection, otherwise, preventive replacement is performed at the $n^{th}$ inspection. The decision variables are the inspection interval and the period of preventive replacement. This study presents the optimal preventive replacement policy that minimizes the long-run expected cost per unit time.