ON THE EXISTENCE AND UNIQUENESS OF APPROXIMATION OF OPTIMAL TIME REPLACEMENT OF INDUSTRIAL EQUIPMENT FOR A TRUNCATED CONTINUOUS MODEL

Ezekafor S. C., Okoli O.C., Agunwamba J.C.

Abstract


The purpose of this paper is to develop an approximate method of determining the appropriate optimal time to replace the equipment which repair and maintenance cost increase and their efficiency reduce with time for a continuous model. Furthermore, we sought to establish some existence and uniqueness theorem governing this optimal replacement time.


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