OATAO - Open Archive Toulouse Archive Ouverte Open Access Week

Optimal maintenance and replacement decisions under technological change with consideration of spare parts inventories

Nguyen, Thi Phuong Khanh and Castanier, Bruno and Yeung, Thomas Optimal maintenance and replacement decisions under technological change with consideration of spare parts inventories. (2012) International Journal of Production Economics, 143. 479-477. ISSN 0925-5273

[img]
Preview
(Document in English)

PDF (Author's version) - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
252kB

Official URL: http://dx.doi.org/10.1016/j.ijpe.2012.12.003

Abstract

Classical spare parts inventory models assume that the same vintage of technology will be utilized throughout the planning horizon. However, asset replacement often occurs in the form of a new technology that renders existing spare parts inventories obsolete. This paper aims to study the impact of spare parts inventory on equipment maintenance and replacement decisions under technological change via a Markov decision process formulation. The replacement decision is complex in that one must decide with which technology available on the market to replace the current asset. Under technological change, it is shown that the do nothing and repair options have significantly more value as they allow waiting the appearance of even better technologies in the future.

Item Type:Article
HAL Id:hal-00917963
Audience (journal):International peer-reviewed journal
Uncontrolled Keywords:
Institution:Other partners > Ecole des Mines de Nantes (FRANCE)
Statistics:download
Deposited By: Khanh Nguyen
Deposited On:04 Sep 2018 13:22

Repository Staff Only: item control page