Geometric programming (GP) is suggested as an analytical tool for solving replacement problems with infinite time horizon. The GP solution method is described and explained through the formulation and solution of a typical replacement problem. A simple example is worked out to demonstrate the pint that GP has potential as an appropriate mathematical tool for the analysis of certain types of replacement problems.
ASJC Scopus subject areas
- Management Information Systems
- Modelling and Simulation
- Economics, Econometrics and Finance(all)
- Strategy and Management
- Management Science and Operations Research
- Applied Mathematics