A Mixed Optimization Technique for the Generalized Machine Replacement Problem.
Abstract
A mixed optimization technique for optimal machine replacement is presented which allows much more flexibility than previous models. Optimal purchase, maintenance, and sale of a given machine between any two given points in time is treated as a sub-problem, which one may choose to solve via control theory, dynamic programming, or practical engineering considerations. (A control theory formulation is used in the paper as an illustration.) These sub-problem solutions are then incorporated into a Wagner-Whitin formulation for solution of the full problem. The technique is particularly useful for problems with such asymmetries as an existing initial machine or uneven technological change. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Feb 01, 1971
- Accession Number
- AD0729065
Entities
People
- S. P. Sethi
- T. E. Morton
Organizations
- Carnegie Mellon University