OPTIMAL REPLACEMENT POLICIES BASED ON NUMBER OF DOWN TIMES FOR COLD STANDBY SYSTEM WHEN THE LIFETIME AND THE REPAIR TIME ARE DEPENDENT

The purpose of this article is to present optimal replacement policies for a cold standbysystem consisting of two components and one repairman. By using the bivariate exponentialmodel of Freund (1961) for the life time of one component and the repair time of anothercomponent, we developed methods for obtaining optimal number of down time in such a waythat the long run expected reward per unit time is maximized. The results are illustrated with thehelp of numerical example and simulation study.