Applications of capital replacement models with finite planning horizons

Article Abstract:

Capital replacement models employing finite planning horizons can be used in studying the impact of technological changes on prices, as well as becomingreplacement models for a single factory, the whole fleet or sub-fleet. An upgrade to the previous economic life model, capital replacement models may also be employed in costing and improving equipment. Variable planning horizon models are used when the length of the horizon is short and a function of decision variables. The fixed planning horizon model, where the number of cycles is a decision variable, can be utilized in showing the effect of the length of the horizon.

Financial Management, Models, Planning, Purchasing, Industrial equipment, Replacement of industrial equipment

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A heuristic for maintenance budget allocation

Article Abstract:

A heuristic approach on addressing failure to attain management objectives due to insufficient funds is discussed. Budget allocation is crucial because the success of a project is contingent on the funding which will be infused into it, but a properly framed solution provides an opportunity for financial management. A heuristic procedure for allocation budget is highlighted, as well as some sample problems to show how the approach works.

Cost Accounting, Management, Budget, Budgeting, Budgets, Cost (Economics), Costs (Economics)

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