A Bayesian Optimal Overhaul Interval Model for the Weibull Restoration Process Case

Abstract

This article presents Bayesian estimators of the parameters of the Weibull hazard function in the restoration process case. These estimators are used in a model which optimizes the interval between machine overhauls. Since the properties of the model are not in closed form, a simulation experiment is used to evaluate the effectiveness of the model. The simulation results show that the model does yield lower machine operating costs than the non-Bayesian approach. The effectiveness of the model could be increased by improvements in the quality of the prior estimates used in Bayesian estimation.