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Equipment replacement: A literature review of the stochastic approach using artificial intelligence

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  • Damaris Chieregato Vicentin
  • Paulo Nocera Alves Junior
  • Geeta Duppati
  • Pedro Carlos Oprime

Abstract

Replacing productive equipment is necessary due to its deterioration, which involves failure costs. However, studies on equipment replacement often lack stochastic approaches. Incorporating randomness into decision models enhanced the quality of equipment replacement decisions. In this sense, this study examines the methods used in the literature through topics generated by Latent Dirichlet Allocation. The Onion Latent Dirichlet Allocation method was used to analyze the secondary layer of a high-concentrated topic. Based on the perplexity analysis, ten main topics were identified and examined. The results suggest that most articles employ the dynamic programming method within a stochastic context, highlighting its advanced development in the literature.

Suggested Citation

  • Damaris Chieregato Vicentin & Paulo Nocera Alves Junior & Geeta Duppati & Pedro Carlos Oprime, 2024. "Equipment replacement: A literature review of the stochastic approach using artificial intelligence," The Engineering Economist, Taylor & Francis Journals, vol. 69(4), pages 255-284, October.
    • Handle: RePEc:taf:uteexx:v:69:y:2024:i:4:p:255-284
    DOI: 10.1080/0013791X.2024.2435881
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