Consider a complex asset whose repairs are minimal
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Consider a complex asset whose repairs are minimal

QUESTION 6 

Consider a complex asset whose repairs are minimal. You have been tasked with finding the optimal replacement time for the asset. To this end, do the following: 

a. Consider the failure times below in days. Fit a Power Law NHPP model to the data. You may use Excel or MATLAB, but you must provide plots/hand calculations/explanations of what you are doing.

b. Find the optimal replacement time if the cost of replacement is = 1,000,000 AUD and the cost of failure is 10,000 AUD.


Hint
Statisticsa.) MATLAB allows the manipulations of matrix, plotting data and functions, logarithms implementation, user interfaces creation and program interfacing which are written in different languages. Miliions of scientists and engineers use MATLAB for applications in range. Any function which is anonymous can be defined at MATLAB line of command or within a script or function....
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