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In competitive environments, most equipment are operated closer to or at their limits and as a result, equipment's maintenance schedules may be affected by system conditions. In this paper, we propose a Markov decision process (MDP) that allows better flexibility in conducting maintenance. The proposed MDP model is based on a state transition diagram where inspection and maintenance (I&M) delay...
The integration of renewable energy resources, such as solar and wind power, into the electric grid presents challenges partly due to the intermittency in the power output. These difficulties can be alleviated by effectively utilizing energy storage. We consider, as a case study, the integration of renewable resources into the electric power generation portfolio of an island off the coast of Southern...
We consider decision making in a Markovian setup where the reward parameters are not known in advance. Our performance criterion is the gap between the performance of the best strategy that is chosen after the true parameter realization is revealed and the performance of the strategy that is chosen before the parameter realization is revealed. We call this gap the parametric regret. We consider two...
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