Managers, typically, are unaware of the significant impact their decisions could have on the random mechanism driving a data generating process. Here, a new parametric Bayesian technique is introduced that would allow managers to obtain an estimate of the impact of their decisions on the...

Management decisions regarding maintenance protocols critically hinge on the underlying probability distribution of the time between failures in most repairable systems. Replacement of the system with a new one resets the system age to zero, whereas a repair does not alter the system age but may...

Management decisions regarding maintenance protocols critically hinge on the underlying probability distribution of the time between failures in most repairable systems. Replacement of the system with a new one resets the system age to zero, whereas a repair does not alter the system age but may...