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A mixed optimization technique for the generalized machine replacement problem

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  • S. P. Sethi
  • T. E. Morton

Abstract

A mixed optimization technique for optimal machine replacement is presented which allows much more flexibility than previous models. Optimal purchase, maintenance and sale of a given machine between any two given points in time is treated as a subproblem, which one may choose to solve via control theory, dynamic programming, or practical engineering considerations. (A control theory formulation is used in the paper as an illustration.) These subproblem solutions are then incorporated into a Wagner‐Whitin formulation for solution of the full problem. The technique is particularly useful for problems with such asymmetries as an existing initial machine or uneven technological change. A simple numerical example is solved in the Appendix.

Suggested Citation

  • S. P. Sethi & T. E. Morton, 1972. "A mixed optimization technique for the generalized machine replacement problem," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 19(3), pages 471-481, September.
    • Handle: RePEc:wly:navlog:v:19:y:1972:i:3:p:471-481
    DOI: 10.1002/nav.3800190307
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    Cited by:

    1. A. Bensoussan & Q. Feng & S. P. Sethi, 2022. "Integrating equipment investment strategy with maintenance operations under uncertain failures," Annals of Operations Research, Springer, vol. 317(2), pages 353-386, October.
    2. S. Bylka & S. Sethi & G. Sorger, 1992. "Minimal forecast horizons in equipment replacement models with multiple technologies and general switching costs," Naval Research Logistics (NRL), John Wiley & Sons, vol. 39(4), pages 487-507, June.
    3. Ali Dogramaci & Nelson M. Fraiman, 2004. "Replacement Decisions with Maintenance Under Uncertainty: An Imbedded Optimal Control Model," Operations Research, INFORMS, vol. 52(5), pages 785-794, October.
    4. Wallace J. Hopp & Suresh K. Nair, 1991. "Timing replacement decisions under discontinuous technological change," Naval Research Logistics (NRL), John Wiley & Sons, vol. 38(2), pages 203-220, April.

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