Optimal replacement of ageing equipment using geometric programming

Optimal replacement of ageing equipment using geometric programming

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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:
Keywords: programming: geometric
Abstract:

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.

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