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Parallel machine replacement under horizon uncertainty

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  • Javad Seif
  • Brett A. Shields
  • Andrew Junfang Yu

Abstract

Construction projects usually get delayed for several time periods. When the planning horizon of a project is extended, projections for purchase and salvage of machinery within the planning horizon become inaccurate and less beneficial and often lead to unexpected costs. In this article, we formulate a parallel machine replacement (PMR) problem as a two-stage stochastic program with an uncertain planning horizon. We consider renting as an alternative to purchasing and maintaining the machinery. We show the application of the model through a case study in construction projects. Through numerical analysis, we derive managerial implications and show the value of the stochastic model.

Suggested Citation

  • Javad Seif & Brett A. Shields & Andrew Junfang Yu, 2019. "Parallel machine replacement under horizon uncertainty," The Engineering Economist, Taylor & Francis Journals, vol. 64(1), pages 1-23, January.
    • Handle: RePEc:taf:uteexx:v:64:y:2019:i:1:p:1-23
    DOI: 10.1080/0013791X.2018.1535012
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    Cited by:

    1. Zhang, Le & Gu, Weihua & Fu, Liangliang & Mei, Yu & Hu, Yaohua, 2021. "A two-stage heuristic approach for fleet management optimization under time-varying demand," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 147(C).

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