A model for equipment replacement due to technological obsolescence

Article Abstract:

A model for computing the optimal equipment replacement decision was developed. The model was limited to the technology currently used, a more advanced technology available in the market and an even more advanced technology available in the future. Moreover, it considered revenue and cost functions, as well as technology forecasts, as non-stationary with time. It involved an infinite horizon non-stationary Markov decision process which allowed simple computations of optimal 'keep' or 'replace' decisions with a minimum of periods of forecast data.

Usage, Markov processes

---

Replacement policies of a shock model with imprefect preventive maintenance

Article Abstract:

A sequential preventive maintenance (PM) policy is applied to a cumulative damageshock model to improve PM. The improved model, which can be used to determine expected cost of maintenance until the machinery requires replacement, is basedon a Poisson-type shock process with independent and evenly-distributed damagesand the probability of total damage at the shock is exponential. Various examples are presented.

Maintainability (Engineering), Maintainability

---

Extended optimal replacement model with random minimal repair costs

Article Abstract:

A generalized replacement model where a system with two types of failures is replaced at the nth minor failure, at the first catastrophic failure or at the age of T, whichever is first, is analyzed. Using an illustrative example, it is shown that the model is superior to other proposed policies in view of its easy implementation and practical nature.

Similar abstracts:

• Abstracts: Designing homes to replace the long-stay hospitals. Technical knowledge needs to be shared. NVQs are too narrow for architects' training
• Abstracts: Modeling investment uncertainty in the costs of global CO2 emission policy. Finite buffer polling models with routing
• Abstracts: Running for cover: Koreans seek tax shelter in long-term bonds. Made to last: Korea's builders survive their own disasters
• Abstracts: China: keep probing for truth. China adds to Taipei's isolation. Beijing forum: positive move; China, too, is attempting to improve the situation of women
• Abstracts: The impact of human resource management on organisational performance: theory and research. A framework for diagnosing human resource management practices

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.