Overview

This book explores various renewal processes in the context of probability theory, uncertainty theory and chance theory. It also covers the applications of these renewal processes in maintenance models and insurance risk models.

Methods and Applications

The methods used to derive the limit of the renewal rate, the reward rate, and the availability rate are of particular interest, as they can easily be extended to the derivation of other models.

Features and Audience

Its comprehensive and systematic treatment of renewal processes, renewal reward processes and the alternating renewal process is one of the book’s major features, making it particularly valuable for readers who are interested in learning about renewal theory. Given its scope, the book will benefit researchers, engineers, and graduate students in the fields of mathematics, information science, operations research, industrial engineering, etc.