Renewal Function for any Arbitrary Period-A Bayesian Way
Keywords: Poisson demand, Beta prior, Bayesian Approach
AbstractThe usual format on which the consumption data and activity for spare parts of a system are available, makes it difficult for the evaluation of the renewal function on the procedure as laid down by Cox/sup 1/. The author has, therefore, discussed in this paper a model through Bayesian Approach as to how in such cases the renewal function could be obtained for any period of activity, provided the past experience are available in the form of a sample information. For a Beta-prior density for the mean demand rate of the Poisson demand distribution, the renewal function in its analytical and asymptotic forms are obtained.
How to Cite
Bhattacharya, D. (2014). Renewal Function for any Arbitrary Period-A Bayesian Way. Defence Science Journal, 30(1), 17-20. https://doi.org/10.14429/dsj.30.6400
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