Abstract
In most studies of replacement policies up to this time, such a single criterion as maximizing the expected availability or minimizing the expected cost, per unit good time was used. It assumed the full operation of equipment. In this paper, a periodic replacement policy is proposed under the criterion minimizing the expected cost per unit good time subject to the scheduled availability. Equipment with posterior inspections and penalty cost occurring from the failure time to the replacement time is considered here. This policy is compared with the policy maximizing the expected availability. An index clarifing the relations is found out.
