Can models fitted to small data samples lead to maintenance policies with near-optimum cost?
(1995)
Journal Article
Baker, R., & Scarf, P. (1995). Can models fitted to small data samples lead to maintenance policies with near-optimum cost?. IMA Journal of Management Mathematics, 6(1), 3-12. https://doi.org/10.1093/imaman/6.1.3
In a general context of maintenance modelling, the excess cost of operating at the estimated optimum value of some decision variable (as opposed to the true unknown optimum) is related to the sample size of the dataset available for modelling. Alth... Read More about Can models fitted to small data samples lead to maintenance policies with near-optimum cost?.