Optimal Replacement Time of Electrical Components Based on Constant-Interval Replacement Model: Equipment Inspection Method and Weibull Analysis

Discrete-continuous analysis of optimal equipment replacement

In Operations Research, the equipment replacement process is usually modeled in discrete time. The optimal replacement strategies are found from discrete (or integer) programming problems, well known for their analytic and computational complexity. An alternative approach is represented by continuous-time vintage capital models that explicitly involve the equipment lifetime and are described by...

A medical equipment replacement model.

A simple mathematical model has been developed to identify and prioritize medical equipment in need of replacement. The model contains a total of ten attributes addressing four primary replacement issues: equipment service and support; equipment function; cost benefits; and clinical efficacy. Sensitivity to incomplete or subjective data is significantly reduced through the use of a "yes-no" (0,...

A Test for Weibull IFR/DFR Alternatives Based on Type-2 with Replacement Censored Samples

This article presents a test based on quadratic form using Type-2 with replacement-censored sample for testing exponentiality against weibull IFR/DFR alternative. The percentile points and powers are simulated. The proposed test is compared with that of Bain and Engelhardt (1986) test. An example based on Type-2 censoring is also discussed.

Optimal Equipment Replacement and Scrapping Under Improving Technology

The Equipment-Replacement Problem

To illustrate these assumptions, let us consider a simple numerical example. Suppose a car is needed for three years; that is, suppose N = 3. At the beginning of the first year, we have a 2-year-old car. The annual cost of operating a car is a function of its age; and this cost function is given by: c(0) = 10, c(1) = 20, c(2) = 40, c(3) = 60, and c(4) = 70. The fact that these costs are increas...