Dynamic programming approach to the optimization of Naval aircraft rework and replacement policies

Arnold Neil Schwartz, James A. Sheler and Carl R. Cooper

Naval Research Logistics Quarterly, 1971, vol. 18, issue 3, 395-414

Abstract: This paper describes a method for determining optimal repair and replacement policies for aireraft, with specific reference to the F–4. The objective of the analysis is to choose the set of policies from all possible alternatives over a finite planning horizon which minimizes the cost of operations. A dynamic program is presented which seeks an optimal path through a series of decision periods, when each period begins with the choice of keeping an aircraft, reworking it before further operation, or buying a new one. We do not consider changes in technology. Therefore, when a replacement does occur, it is made with a similar aircraft. Multivariate statistical techniques are used to estimate the relevant costs as a function of age, and time since last rework.

Date: 1971
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https://doi.org/10.1002/nav.3800180310

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:18:y:1971:i:3:p:395-414

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