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Acquisition of new technology information for maintenance and replacement policies

Nguyen, Thi Phuong Khanh and Yeung, Thomas and Castanier, Bruno Acquisition of new technology information for maintenance and replacement policies. (2016) International Journal of Production Research, 55 (8). 2212-2231. ISSN 0020-7543

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Official URL: https://doi.org/10.1080/00207543.2016.1229069

Abstract

In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating information acquisition decisions into a non-stationary Markov decision process framework. Using this framework, we optimise asset maintenance and replacement decisions as well as the optimal timing of new technology adoption. Through mathematical analyses, the monotone properties and convexity of the value function and optimal policy are deduced. Deeper numerical analyses highlight the importance of considering the acquisition of information on future technology when formulating a maintenance and replacement policy for the asset. We also deduce a non-intuitive result: an increase in the arrival probability of new technology does not necessarily make the acquisition of additional information more attractive.

Item Type:Article
HAL Id:hal-01520843
Audience (journal):International peer-reviewed journal
Uncontrolled Keywords:
Institution:Other partners > Ecole des Mines de Nantes (FRANCE)
Other partners > Université de Technologie de Troyes - UTT (FRANCE)
Other partners > Université Nantes Angers Le Mans - UNAM (FRANCE)
Laboratory name:
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Deposited On:28 Aug 2018 08:46

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