Several settings, where the notion of virtual age is employed, are discussed. We argue that the age reduction imperfect repair modeling is often not sufficiently justified in practice, as it is not possible to execute repair in most of real situations that conforms with this model. On the other hand, a shock-based virtual age model is suggested and justified via the probabilities of failures on shocks. The new notion of virtual age for degrading items is also introduced. We discuss how to recalculate virtual age after switching from one regime to another. Several examples illustrating different notions of virtual age are presented.
|Number of pages
|Applied Stochastic Models in Business and Industry
|Published - 1 Jan 2021
Bibliographical noteFunding Information:
Ministry of Education, National Research Foundation of Korea Funding information
© 2020 John Wiley & Sons, Ltd.
- age reduction
- imperfect repair
- minimal repair
- virtual age