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Maintenance and Replacement

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Optimal Control Theory

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Abstract

The problem of simultaneously determining the lifetime of an asset or an activity along with its management during that lifetime is an important problem in practice. The most typical example is the problem of optimal maintenance and replacement of a machine; see Rapp (1974) and Pierskalla and Voelker (1976) . Other examples occur in forest management, such as in Näslund (1969) , Clark (1976) , and Heaps (1984) , and in advertising copy management, such as in Pekelman and Sethi (1978) .

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Authors and Affiliations

  1. Jindal School of Management, SM30, University of Texas at Dallas, Richardson, TX, USA

    Suresh P. Sethi

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  1. Suresh P. Sethi
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Sethi, S.P. (2019). Maintenance and Replacement. In: Optimal Control Theory. Springer, Cham. https://doi.org/10.1007/978-3-319-98237-3_9

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