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A new multi-objective-multi-criteria model for determining physical asset management strategy based on maintenance and procurement factors

Ali Sayyah, Amin Abbasi-Pooya and Reza Baradaran Kazemzadeh

European Journal of Industrial Engineering, 2021, vol. 15, issue 2, 167-205

Abstract: In this research, a new multi-objective-multi-criteria model is presented to determine physical asset management strategy for capital equipment. Initially, a multi-objective model is formulated to determine non-dominated strategies considering cost, reliability, and availability as objective functions. Secondly, the strategies will be ranked based on decision maker preferences and restrictions using a PROMETHEE-entropy module. Each strategy is a vector of procurement variables (dealer-manufacturer and contract type) and maintenance planning variables (PM action level, PM interval and the degree of upgrade action). The multi-objective model, which is a new nonlinear mixed integer optimisation model, is solved using a customised NSGA-II. Buy, lease, rent and upgrading a used equipment are contract types that are considered. The model is used in a real case for determination of asset management strategy for a truck to be used in a mine for 48 months. A piece of software is designed for simplification of using the model. [Received: 13 January 2019; Accepted: 3 March 2020]

Keywords: physical asset management; PAM; maintenance planning; contract management; reliability; availability; equipment management. (search for similar items in EconPapers)
Date: 2021
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