Accession Number : AD0606301

Title :   A GENERALIZED EQUIPMENT REPLACEMENT STUDY,

Corporate Author : RAND CORP SANTA MONICA CALIF

Personal Author(s) : Dreyfus,Stuart E.

Report Date : 15 MAR 1957

Pagination or Media Count : 3

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)

Descriptors :   (*DYNAMIC PROGRAMMING, REPLACEMENT THEORY), (*REPLACEMENT THEORY, DECISION MAKING), MACHINES, MAINTENANCE, EQUATIONS, COSTS, MATHEMATICAL MODELS

Distribution Statement : APPROVED FOR PUBLIC RELEASE