A generalized age and block replacement of a system subject to shocks

Article Abstract:

A model can be employed to obtain ways of computing an expression for the expected long-term cost per unit time of replacement policies. The model takes into consideration account costs for minimal repairs, replacements and maintenance associated with a generalized age and block replacement of a system. The model revealed a correlation between a maintenance policy that considers replacement and minimal repair and a system that is subject to shocks.

Operations Research, Models, Maintenance, Structural optimization

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Optimal age-replacement policy of a system subject to shocks with random lead-time

Article Abstract:

The age replacement policy of systems subject to shocks with random lead-time is discussed. A model for tracking average cost per unit time based on the stochastic behavior of the assumed system is examined. The minimum-cost policy time is also discussed.

Cost Accounting, Methods, Usage, Mathematical optimization, Optimization theory, Stochastic approximation, Global economy

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Managing uncertainty in major equipment procurement in engineering projects

Article Abstract:

The process of managing uncertainty in machinery procurement of engineering projects is discussed.

United States, Facilities & equipment, Engineering Services, Management dynamics, Engineering for Plastic, Rubber Prodcts, Management, Equipment and supplies, Engineering firms, Company business management, Uncertainty

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