Entoropy model with application to maintenance policy

It has been well-known from old times that the entropy model originated from information theory can be applied well to many fields of operations research and marketing science. This paper attempts for the first time to apply the entropy model to maintenance policies for reliability models. Replacing selection rate and purchase price in the entropy model with failure probability and planned replacement cost, respectively, the replacement time of an age replacement policy is obtained. This time is compared numerically with the optimum time of an age replacement when the failure time has a Weibull distribution.