Citation
Abstract
This is the first part of a two-part article on the optimization of equipment maintenance and/or replacement policy. Over a given life-span of equipment, optimum policy is determined based on present costs, inflation rates, operating characteristics, future equipment developments, and other factors. A computer program utilizing the dynamic programming technique together with a numerical example is included. Part II will present an optimum policy determined by a stochastic model such as the Markovian decision processes. In such a model, a long-term expected return-cost is optimized including the probability of equipment breakdown as functions of some performance criteria.
Details
- Volume
- 42-66
- Published
- December 15, 1981
- Pages
- 236–245
- File Size
- 595.3 KB