Equipment Replacement Decision Making: Opportunities and Challenges Report as inadecuate




Equipment Replacement Decision Making: Opportunities and Challenges - Download this document for free, or read online. Document in PDF available to download.

The primary function of equipment managers is to replace the right equipment at the right timeand at the lowest overall cost. In this paper, the opportunities and challenges associated withequipment replacement optimization (ERO) are discussed in detail. First, a comprehensive reviewof 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 theERO problem. The Bellman’s formulation for the ERO deterministic (DDP) and stochastic dynamicprogramming (SDP) problems are discussed in detail. Finally, comprehensive ERO numericalresults and implications are given.

Subject(s): Public Economics

Issue Date: 2013

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/207419 Published in: Journal of the Transportation Research Forum, Volume 52, Number 3 Page range: 79-90

Total Pages: 13

Record appears in: Transportation Research Forum > Journal of the Transportation Research Forum





Author: Fan, Wei ; Gemar, Mason D. ; Machemehl, Randy

Source: http://ageconsearch.umn.edu/record/207419?ln=en







Related documents