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Technical Note—A Dual Machine Replacement Model: A Note on Planning Horizon Procedures for Machine Replacements

Author

Listed:
  • T. Goldstein

    (Ben-Gurion University of the Negev, Beer Sheva, Israel)

  • S. P. Ladany

    (Ben-Gurion University of the Negev, Beer Sheva, Israel, and Georgia Institute of Technology, Atlanta, Georgia)

  • A. Mehrez

    (Ben-Gurion University of the Negev, Beer Sheva, Israel)

Abstract

This note extends the work of S. Sethi and S. Chand, who considered a dual machine replacement model in an improving technological environment over time. The model covers cases in which the two machines are of different technology as measured by their investment and operating costs. Under fairly general conditions, we suggest a procedure to solve the infinite horizon problem and find the properties of the optimal solution. A numerical example illustrates the procedure.

Suggested Citation

  • T. Goldstein & S. P. Ladany & A. Mehrez, 1986. "Technical Note—A Dual Machine Replacement Model: A Note on Planning Horizon Procedures for Machine Replacements," Operations Research, INFORMS, vol. 34(6), pages 938-941, December.
    • Handle: RePEc:inm:oropre:v:34:y:1986:i:6:p:938-941
    DOI: 10.1287/opre.34.6.938
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    Cited by:

    1. Adkins, Roger & Paxson, Dean, 2013. "Deterministic models for premature and postponed replacement," Omega, Elsevier, vol. 41(6), pages 1008-1019.
    2. Awi Federgruen & Michal Tzur, 1996. "Detection of minimal forecast horizons in dynamic programs with multiple indicators of the future," Naval Research Logistics (NRL), John Wiley & Sons, vol. 43(2), pages 169-189, March.

    More about this item

    Keywords

    348 machine replacement policies;

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