Consider the model developed in Section 15.3.1. The time to failure of an item has a Weibull distribution with 10 and 2 5. . Let Cm $50 and Cp $140. Determine the optimal replacement interval and the corresponding optimal expected cost per unit time.
Consider the periodic replacement policy considered in Section 15.3.1. Assume that the time to failure of an item has a two‐parameter Weibull distribution with distribution function F t( ) 1 exp[ ( / t ) ]. Derive a closed‐form solution for the optimal value of T* that solves Equation (15.4) if it exists.
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