A Problem in Replacement Theory
Keywords: Classical Procedure, Autoregrassive Equation, Markov Chains
AbstractThe classical procedure of ordering new vehicles in replacement of the existing ones is unsatisfactory as it is based on the average life of a vehicle and is good only after a lapse of several years when 'stable' conditions are reached. In this paper, an alternative procedure is prescribed. It makes use of an autoregrassive equation obeyed by the number of new vehicles. This equation is to obtained by using the method of Markov chains.
How to Cite
Kshirsagar, A., & Ranganathan, S. (2014). A Problem in Replacement Theory. Defence Science Journal, 18(1), 1-6. https://doi.org/10.14429/dsj.18.7421
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