A novel approach to find optimum group replacement period. (2021)

• Record Type: Journal Article
• Authors: Venkata Kamesh, Vinjamuri; Prasad, D.V.S.S.S.V.; Ranjit, P.S.; Varaprasad, Bh; Srinivasa Rao, V.
• Is Part Of: Materials today. Volume 46:Part 20(2021)
• Page Start: 10879
• Page End: 10883
• Publication Date: 2021
• Subjects: Replacement -- Optimum period -- Group replacement -- Individual replacement -- Number of items; Materials science -- Congresses -- Periodicals; 620.1
• DOI: 10.1016/j.matpr.2021.01.894
• Languages: English
• ISSNs: 2214-7853

Abstract

Abstract: In the replacement of items that fail suddenly, it is always better to compare the replacement policy adopted whether it is with Pure individual replacement or Group replacement after optimum period. In pure individual policy, failed item is replaced immediately by procuring in the local available market spending the amount at market price. As the usage time increases, the rate of failure increases. In that case, the individual replacement cost always increase proportional to usage period. Replacing the total lot of items as a whole or lot is a better option to consider. In group replacement, lot is replacement at a specified period irrespective of the usage period and condition of the item. As the failure rate in the initial days of the usage period, item replacement cost in the individual replacement case as well as group replacement case is more or less in a narrow price region. We need to take a better decision by comparing Average cost in both the cases. In the present paper, a novel approach is proposed to minimize the number of steps to find the average cost using Table method. The proposed algorithm is programmed in EXCEL. The proposed algorithm can be extended for any number of periods of operation.