A facility maintenance scheduling model incorporating opportunity and inflationary costs

S.A. Oke, A.E. Oluleye, F.A. Oyawale and O.E. Charles-Owaba

International Journal of Industrial and Systems Engineering, 2008, vol. 3, issue 4, 423-466

Abstract: This paper deals with facility maintenance scheduling model which incorporates opportunity and inflationary costs. A case study pertaining to a shipping firm has been defined as transportation models of minimising Maintenance Cost (MC), Maintenance-Inflation Cost (MIC), Maintenance-Opportunity Cost (MOC) and combined Maintenance-Opportunity-Inflation Cost (MOIC). The optimal schedules indicating the ship maintenance, idle and operation periods were deduced for each approach. For all the samples, the costs of the first model were significantly (p < 0.05) different from that of the other three models. To reduce cost and delays, decisions for scheduling maintenance of a fleet of ships would be better informed if based on maintenance and opportunity cost indices in both inflationary and non-inflationary conditions.

Keywords: maintenance costs; opportunity costs; inflation costs; transportation model; shipping fleet; preventive maintenance; scheduling. (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijisen:v:3:y:2008:i:4:p:423-466

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