Abstract

This research article obtained the structure of the sets of feasible equipment ages corresponding to various decision periods, in equipment replacement problems, thereby obviating the need for network diagrams for such determination. The proofs were achieved by deft deployment of change of variables technique, maximum equipment operational age constraint and appropriate set addition definition. In the sequel, the article designed solution implementation templates for the corresponding dynamic programming recursions. These templates circumvent the inherent tedious and prohibitive manual computations associated with dynamic programming formulations and may be optimally appropriated for sensitivity analyses on such models.

Keywords: Ages, Excel, Equipment, Feasible, Dynamic, Optimal, Policy, Programming, Recursions, Replacement, Solution, Template.