Equipment Replacement Decision Making: Opportunities and Challenges

Wei Fan, Mason D. Gemar and Randy Machemehl

Journal of the Transportation Research Forum, 2013, vol. 52, issue 3

Abstract: The primary function of equipment managers is to replace the right equipment at the right time and at the lowest overall cost. In this paper, the opportunities and challenges associated with equipment replacement optimization (ERO) are discussed in detail. First, a comprehensive review of the state-of-the art and state-of-the practice literature for the ERO problem is conducted. Second, a dynamic programming (DP) based optimization solution methodology is presented to solve the ERO problem. The Bellman’s formulation for the ERO deterministic (DDP) and stochastic dynamic programming (SDP) problems are discussed in detail. Finally, comprehensive ERO numerical results and implications are given.

Keywords: Public; Economics (search for similar items in EconPapers)
Date: 2013
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/207419/files/2 ... pmentReplacement.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:ndjtrf:207419

DOI: 10.22004/ag.econ.207419

Access Statistics for this article

More articles in Journal of the Transportation Research Forum from Transportation Research Forum
Bibliographic data for series maintained by AgEcon Search ().