A Procedure to Choose the Optimum Unit Replacement Method and the Evaluation by Replacement Cost

Abstract

In the former paper, based on the Weibull model, we investigated the relationship between the optimal replacement interval, its corresponding replacement cost per unit time and the cost ratio of replacement through the variation of the shape parameter.
The object of this note is to provide the procedure for calculating the minimum cost per unit time and the optimal interval of each replacement policy by using the results already obtained in the former paper.
The numerical examples are illustrated by utilizing the field data in order to show the usefulness of the calculation method given in this note.