A simple recursive Markov chain model to determine the optimal replacement policies under general repairs.
Zhe George ZhangCharles Ernie LovePublished in: Comput. Oper. Res. (2000)
Keyphrases
- markov chain
- markov model
- markov process
- monte carlo simulation
- stationary distribution
- transition probabilities
- closed form
- steady state
- transition matrix
- stochastic process
- special case
- prior knowledge
- optimal solution
- parameter estimation
- probability distribution
- search algorithm
- website
- replacement policy
- monte carlo method
- learning algorithm