01367648

Component

https://doi.org/10.3141/2292-19

http://scholar.google.com...emar&publication_year=2012

The purpose of this paper is to present an optimization model formulation based on deterministic dynamic programming (DDP) and to propose both the Bellman and Wagner approaches to solve the problem of equipment replacement optimization (ERO). The developed solution methodology is general and can be used to make optimal keep and replace decisions for new and used vehicles, with and without annual budget considerations. A simple numerical example illustrates and steps through the Bellman DDP solution process and demonstrates how DDP is used to solve the ERO problem through backward recursion. The developed DDP-based ERO software is tested and validated with Texas Department of Transportation vehicle fleet data. Comprehensive numerical results, such as the software computational time and solution quality, are described. Substantial cost savings are estimated with this ERO software. Further research directions are suggested.

01455587

12-0043

English

pp 160–170

2012

Transportation Research Record: Journal of the Transportation Research Board

9780309223331

Print

Figures; References; Tables

Cost estimating; Dynamic programming; Equipment maintenance; Equipment replacement; Maintenance equipment; Optimization; Vehicle fleets

Texas Department of Transportation

Highways; Maintenance and Preservation; Vehicles and Equipment; I61: Equipment and Maintenance Methods

PRP, TRIS, TRB, ATRI

Feb 8 2012 4:52PM

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