The Age Replacement Problem*


Glasser, Gerald J.   (1967, ASQC and the American Statistical Association)   New York University

Technometrics    Vol. 9    No. 1
QICID: 7973    February 1967    pp. 83-91
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Article Abstract

* - This paper presents results of one phase of research on replacement theory being conducted at the Schools of Business, New York University. The research is being sponsored by the General Electric Foundation. Acknowledgment is due to Walter Gutschow who wrote the computer program to derive the results on which charts 1, 2, 3 and 4 are based and to Robert Winter and Bruce Bosworth who prepared these charts.An age replacement policy requires that a unit be replaced when it attains a specified age, or at failure, whichever occurs first. The mathematical solution to the problem of what is the optimal age for replacement is well known. This paper adapts this general mathematical solution to the cases when a truncated normal, Gamma, or Weibull distribution can be assumed. Graphs are presented from which one can readily ascertain the optimal solutions for these models.

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