Maintenance and replacement policies under technological obsolescence

The technological obsolescence of a unit is characterized by the existence of challenger units displaying identical functionalities, but with higher performances. This paper aims to define and model in a realistic way, possible maintenance policies of a system including replacement strategies when one type of challenger unit is available. The comparison of these possible strategies is performed based on a Monte Carlo estimation of the costs they incur. (C) 2008 Elsevier Ltd. All rights reserved.