Question: Consider a device that follows the Weibull lifetime distribution with n = 8 0 0 0 hours and = 2 . If it experiences a

Consider a device that follows the Weibull lifetime distribution with n =8000 hours and =2. If it experiences a failure, minimal repair will be performed. You are to determine the optimal preventive replacement age of this device by minimizing the average unit time cost. Suppose that preventive replacement cost = $1000, preventive replacement time =4 days, minimal repair time =1 day, minimal repair cost = $300, and there are 8 hours in a day. Feel free to use Excel or Matlab. (1) What is the optimal preventive replacement age of this device by minimizing the average unit time cost? (2) What is the expected total cost at the optimal preventive replacement age? (3) What is the minimal average unit time cost?

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