A GENERALIZED EQUIPMENT REPLACEMENT STUDY,

Abstract

The functional equation technique of dynamic programming is useful in determining the optimal age of replacement of durable machinery. The paper reviews Bellman's analytic solution of a simplified model, presents a computation scheme applicable to more realistic models, and discusses various dynamic programming formulations applicable in the field of equipment replacement. (Author)

Document Details

Document Type
Technical Report
Publication Date
Mar 15, 1957
Accession Number
AD0606301

Entities

People

  • Stuart E. Dreyfus

Organizations

  • RAND Corporation

Tags

DTIC Thesaurus Topics

  • Calculators
  • Computations
  • Computer Programming
  • Dynamic Programming
  • Equations
  • Mathematics
  • Office Equipment And Supplies

Readers

  • Calculus or Mathematical Analysis
  • Electrical Engineering
  • Life Cycle Cost Analysis