Honors College Thesis
 

Priority asset utilization in parallel replacement analysis

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https://ir.library.oregonstate.edu/concern/honors_college_theses/gx41mk76v

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  • Two policies for allocating individual assets from a pool of assets to incoming requests were contrasted within the context of replacement analysis. Assets within a pool are considered similar in the service they provide, but may differ in age and cumulative usage. The two policies considered for allocating assets to incoming requests were random and newest first (or priority). Scenarios using fixed replacement ages and no budget limitations were analyzed and also simulated. Random allocation results in constant utilization over asset lifetime, while newest first allocation results in decreasing utilization. Random allocation is more economical than newest first allocation for most of the cost types investigated. Assuming replacement candidates are identified using a fixed age standard, the optimal pool-wide replacement age standard is shorter for the newest first allocation policy. This is opposite to the results obtained if the optimal pool-wide replacement age is computed using single asset replacement analysis with pool-wide average data representing a single “average” asset.
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