Abstract
In this research, a new multi-objective-multi-criteria model is presented to determine physical asset management strategy for capital equipment. Initially, a multi-objective model is formulated to determine non-dominated strategies considering cost, reliability, and availability as objective functions. Secondly, the strategies will be ranked based on decision maker preferences and restrictions using a PROMETHEE-entropy module. Each strategy is a vector of procurement variables (dealer-manufacturer and contract type) and maintenance planning variables (PM action level, PM interval and the degree of upgrade action). The multi-objective model, which is a new nonlinear mixed integer optimisation model, is solved using a customised NSGA-II. Buy, lease, rent and upgrading a used equipment are contract types that are considered. The model is used in a real case for determination of asset management strategy for a truck to be used in a mine for 48 months. A piece of software is designed for simplification of using the model. [Received: 13 January 2019; Accepted: 3 March 2020]
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
