Consider the inspection problem discussed in Section 14.6. Assume that the time to item failure follows an exponential distribution F (t) . 1 0 01 . Assuming that Ci = 10, cd = 2, and Cr 10, solve Equation (14.32) using Excel Goal Seek to determine the optimal inspection interval length.
Consider the block replacement policy under a finite time horizon discussed in Section 14.5.2. Assume that the time horizon L is a random variable with probability density ℓ(t). Derive an expression for the expected total cost per unit time for this policy under a random time horizon.
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