This paper provides a comprehensive literature review of the state of the art and state of the practice of equipment replacement optimization (ERO). A comprehensive dynamic programming (DP)–based optimization solution methodology is then proposed and implemented for ERO. The developed ERO software consists of three main components: a SAS macro-based data cleaner and analyzer, which undertakes the tasks of raw data reading, cleaning, and analyzing, as well as cost estimation and forecasting; a DP-based optimization engine that minimizes the total cost over a defined horizon; and a Java-based graphical user interface (GUI) that takes parameters selected by users and inputs from users, and coordinates the optimization engine and SAS macro-based data cleaner and analyzer. The first component (i.e., the SAS macro-based data cleaner and analyzer) is presented in detail. Preliminary numerical results of the SAS data analysis, estimation, and forecasting of several costs are also discussed. In a later report of research, the DP-based optimization engine and ERO software development (including the Java GUI) will be presented in detail, and comprehensive ERO numerical results will be given.
Equipment Replacement Optimization
Solution Methodology, Statistical Data Analysis, and Cost Forecasting
Transportation Research Record
Transportation Research Record: Journal of the Transportation Research Board ; 2220 , 1 ; 88-98
2011-01-01
Article (Journal)
Electronic Resource
English
Optimization of Equipment Replacement
Transportation Research Record | 2012
|Optimization of Equipment Replacement: Dynamic Programming-Based Optimization
Online Contents | 2012
|European Patent Office | 2022
|European Patent Office | 2021
|European Patent Office | 2022
|