MANAGING THE ECONOMIC REPLACEMENT OF AN OPERATIONAL VEHICLES: A HEURISTIC DECISION MODEL
Journal Title: ICTACT Journal on Management Studies - Year 2016, Vol 2, Issue 2
Abstract
A heuristic decision model for the replacement of an operational vehicle was developed. The proposed model is based on analysingan economic measures incorporating the most important factors such as: operation and maintenance costs, salvage values, depreciation, cost of capital, and most importantly, unavailability costs to reflect the hidden off-road vehicle costs. Parameterization of life-cycle costs, classification of existing vehicles, and vehicle priority factors were demonstrated in a case study for the Royal Air Force vehicles fleet. It is worth mentioning that the proposed heuristic is a beneficial tool in replacement decision and in making trade-off analysis among viable replacement strategies.
Authors and Affiliations
Mohammed Shurrab, Ghaleb Abbasi, Marwan Al-Taweel
Keywords
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- EP ID EP197020
- DOI 10.21917/ijms.2016.0038
- Views 93
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