A MATHEMATICAL PROGRAMMING MODEL FOR MINIMIZING EQUIPMENT REPLACEMENT AND MAINTENANCE COSTS
Keywords:
equipment replacement, repair costs, dynamic programming, mathematical optimization, Excel calculations, seven-year planning.Abstract
This article addresses the problem of minimizing equipment replacement and repair costs over a seven-year planning horizon. Considering the purchase cost, annual maintenance expenses, and salvage values of equipment, a mathematical programming model was developed. Using a dynamic programming approach, interval costs were calculated and an optimal replacement policy was determined through a directed acyclic graph. Calculations performed in Microsoft Excel confirmed the minimum total cost solution and identified the optimal decision strategy. The results provide practical value for improving long-term equipment management, maintenance planning, and cost optimization in industrial enterprises.
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