Replacement Decisions with Maintenance Under Uncertainty: An Imbedded Optimal Control Model

Ali Dogramaci () and Nelson M. Fraiman ()
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Ali Dogramaci: Department of Industrial Engineering, Bilkent University, Ankara 06800, Turkey
Nelson M. Fraiman: Graduate School of Business, Columbia University, New York, New York 10027

Operations Research, 2004, vol. 52, issue 5, 785-794

Abstract: How should a manager make replacement decisions for a chain of machines over time if each is maintained by an optimal control model addressing uncertainty of machine breakdowns? A network representation of the problem involves arcs with interdependent costs. A solution algorithm is presented and replacement considerations under technological change are incorporated into a well-known optimal control model for maintenance under uncertainty (that of Kamien and Schwartz 1971). The method is illustrated by an example.

Keywords: dynamic programming/optimal control; models; facilities/equipment planning; maintenance/replacement; inventory/production policies; maintenance/replacement; reliability; replacement/renewal (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (8)

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