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|Title: ||Starting Age Zero-Based Excel Automation of Optimal Policy Prescriptions and Returns for Machine Replacement Problems with Stationary Data and Age Transition Perspectives|
|Authors: ||Ukwu, Chukwunenye|
|Keywords: ||decision period|
dynamic programming recursions
equipment replacement problems
|Issue Date: ||21-May-2016|
|Publisher: ||Journal of Scientific Research & Reports|
|Series/Report no.: ||Vol. 10;No. 7; Pp 1-11|
|Abstract: ||Aim: This investigation aimed at automating the computations of optimal replacement policies
and rewards for a class of equipment replacement problems with zero starting age, based on age
perspectives and stationary pertinent data.
Methodology: The aim was achieved by the exploitation of the structure of the states given as
functions of the decision periods, in age-transition dynamic programming recursions.
Results: Optimal Excel interface and solution implementation templates were designed and
automated for the determination of the optimal replacement policies in machine replacement
problems, with pertinent data given only as a function of machine age.
Conclusion: The automation of these templates obviates the need for manual inputs of the
states and stage numbering, as well as the inherent tedious and prohibitive manual computations
associated with dynamic programming formulations and may be optimally exploited for sensitivity
analyses on such models, paving the way for the solutions of practical and large-scale problems.|
|Appears in Collections:||Mathematics|
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