Article ID: | iaor199347 |
Country: | United Kingdom |
Volume: | 30 |
Start Page Number: | 2151 |
End Page Number: | 2158 |
Publication Date: | Sep 1992 |
Journal: | International Journal of Production Research |
Authors: | Cheng T.C.E. |
Keywords: | programming: geometric |
Geometric programming (GP) is suggested as an analytical tool for solving a certain class of replacement problems with an infinite time horizon. The GP solution method is described and explained through the formulation and solution of a typical replacement problem. A numerical example is presented to illustrate how the theories of GP are applied for the analysis of replacement decisions of equipment due to age and wear. The paper also discusses the aspect of sensitivity analysis based on the GP approach.