... squared error loss function. Convergence of Markov chain Monte Carlo (MCMC) samples has been examined. Various optimality criteria have been considered. An extensive Monte Carlo simulation analysis has been shown to compare and validating of the proposed estimation techniques. Findings The Bayesian...

... type quasi-renewal operating/repair times in reliability. The paper aims to discuss these issues. Design/methodology/approach The optimal replacement policy is obtained by employing the matrix-analytic method and minimum average cost rate. Findings The considered models make a significant...