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This paper describes a practical procedure for applying existing theory to obtain “approximate optimum” replacement policies for homogeneous pieces of equipment. In addition, the problem of detecting changes in time-to-failure distributions, the relation of these distributions to the life cycles of equipment, and common mistakes that can result in improper policies are discussed. Application of the procedure is illustrated by two examples encountered by Union Carbide Corporation—Nuclear Division personnel.
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Holland et al. (1975) studied this question.
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