Periodic Inspection Policies of a System Subject to Shocks with Random Lead-time

Abstract

This paper studies a system exposed to shocks, and the effect of the corresponding shocks may be fatal or accumulated. Assume the spare unit for the system has a random lead-time, we study the periodic inspection policy of this system. We formulate a model for the sake of minimizing the average cost per unit time. We give a numerical example to calculate the optimal inspection time.