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The Asset Replacement Problem: State of the Art

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Authors
Ansaripoor, Amir Hossein
Oliveira, F.
Liret, A.
Date
2013
Type
Book Chapter

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Ansaripoor, A.H. and Oliveira, F. and Liret, A. 2013. The Asset Replacement Problem: State of the Art. In Transforming Field and Service Operations: Methodologies for Successful Technology-Driven Business Transformation, ed. G. Owusu, P. O'Brien, J. McCall, N.F. Doherty, 213-233. United Kingdom: Springer Heidelberg New York Dordrecht London.
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Transforming Field and Service Operations - Methodologies for Successful Technology-Driven Business Transformation
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School of Information Systems
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Abstract

In this book chapter we summarize how the asset replacement problem has evolved over time. We provide a broad view of different modeling approaches, including the economic life, the repair cost limit, comprehensive cost minimization models, and we analyze in detail the parallel replacement models. We suggest a new model for parallel replacement that addresses some of the issues not yet solved in this area. Finally, we discuss the limitations of the current models from a theoretical and applied perspective and identify some of the challenges still faced by academics and practitioners working on this topic