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Annual Reliability and Maintainability Symposium, 2003.
Preventive replacement of units is an important maintenance activity to avoid failures and associated cost/downtime. One of the basic and simple replacement policies is the age replacement policy, where the unit is replaced upon a failure or at a prefixed age, whichever occurs first. In the literature, optimal policies are studied to find the prefixed replacement age in order to minimize the long-run average cost/down-time per replacement cycle. Due to its simplicity, the age replacement policydoi:10.1109/rams.2003.1182025 fatcat:up2vf42nmfdfdlwcabf6o4irjq