Total Ownership Research Articles

Secured Sharing of Personal Health Records in Cloud with Optimised Signcryption: Improved Shark Smell Optimisation for Key Generation

Recently, personal health records (PHR) have been found to come into view as a patient- centric approach for exchanging health data. With the use of a PHR service, a physician may create, access and maintain all of their personal health information online in one convenient location. Additionally, it has greatly improved the efficient exchange, retrieval and storage of patient data. Each patient is also promised total ownership over their medical records and the option to share their data with a wider range of clients together with friends, family members or healthcare providers. Owing to the higher price of maintaining and building specific data centres, numerous PHR services were contracted out to third-party service providers. Therefore, this work is concerned with carrying out the secured sharing of PHR by inducing the signcryption model with an optimisation concept. In the signcryption model, the digital signature encryption is done using an improved AES approach. Further, the key generation is carried out using a self-customised shark smell algorithm (SC-SSA) algorithm. Finally, the evaluation is done to verify the improvement of the system that was used.

Enhancing PEMFC Performance: Optimization of Hot-Pressed Decal Transfer Conditions for MEA Fabrication

Proton exchange membrane fuel cells (PEMFCs) hold significant promise in curbing greenhouse gas emissions within the transportation sector. While historically more expensive than conventional internal combustion engines, the cost per kW is poised to significantly drop as production volumes increase and the adoption of fuel cell electric vehicles progresses [1]. In heavy-duty vehicle applications, predictions suggest that hydrogen fuel cells will achieve a cost equivalence with diesel, potentially becoming the most cost-effective option when evaluating the total ownership expenses [2]. Membrane-electrode-assemblies (MEAs) serve as the core of fuel cells, where all reactions—proton and electron generation, distribution, and consumption occur. Their efficiency dictates both cell performance and lifespan. Various methods for fabricating MEAs have been developed, including decal transfer, catalyst-coated membrane (CCM), and catalyst-coated gas diffusion layer (CCG) techniques. Among these, the decal transfer method is widely regarded as the most appropriate for large-scale production of MEAs [3]. This study delves into an examination of diverse hot-pressed decal transfer conditions for the preparation of MEAs tailored for PEMFC application. Our investigation involves fabricating MEAs through hot-press decal transfer at temperatures spanning 115°C to 145°C and pressures ranging from 200 psi to 400 psi, each held for a 5-minute duration. Electrochemical characterizations were performed within a single-cell setup to assess MEA performance. Moreover, an accelerated stress test (AST) was carried out to scrutinize the stability of the fabricated MEAs concerning their decal transfer conditions and morphological variations. Our study extensively explored catalyst layers transferred under diverse hot-pressed decal transfer conditions, focusing on their fuel cell performance and transport properties. To comprehensively understand the influence of morphological alterations on electrochemical characteristics, additional morphological characterizations, including white light interferometer (WLI) imaging, field emission scanning electron microscopy (FESEM), Brunauer-Emmett-Teller (BET) surface area analysis, and nano-computed tomography (Nano-CT) were employed for MEA evaluation. Our findings indicate that the MEA produced at 145°C and 200 psi exhibited superior performance in both pre- and post-AST testing. Comprehensive experimental results and insights will be elaborated upon during the conference presentation.

Performance Of The National Zakat Agency Based On Financial Ratios

This research aims to analyze the performance of BAZNAS Central Lombok Regency based on financial ratios. The type and research approach used is quantitative descriptive. This research uses secondary data from BAZNAS Central Lombok Regency financial reports for 2018-2022. The research results show that the activity ratio value indicates that BAZNAS Central Lombok has effectively distributed Zakat, Infaq, and Shadaqah (ZIS) funds. The turnover ratio shows very high/active performance, whereas the performance of ZIS fund distribution is excellent in time. The efficiency ratio shows that the ratio of collection costs is efficient, the operational cost ratio using the total operational costs divided by total ownership rights approach is inefficient, while the operational cost ratio using the total operational costs divided by total collection approach is efficient, as well as the human resource cost ratio. The amil fund ratio and liquidity ratio show good performance. On the other hand, the growth ratio shows poor performance. Theoretically, this research can be used as a reference for future research. Practically, this research can be a reference material for BAZNAS Central Lombok Regency, which has not yet entirely produced optimal performance and for the Central Lombok Regency government as the regulator so that it can mobilize the community and government officials in distributing zakat to BAZNAS Central Lombok Regency.

Technical and economic modelling of last-mile transport: A case for Brazil

In response to the escalating demands of urban logistics and the environmental impacts of last-mile deliveries in cities, this study assesses the transition to electric vehicles (EV) in the last-mile delivery transportation sector. We developed a methodology to project last-mile fleets and assess whether electrification considering a scrappage policy makeseconomicsense. This method utilizes socio-economic, geographic, and technical data to assess annual delivery volumes, travel distances, total ownership costs, and breakeven analysis for diesel and electric vehicles, focusing on Brazilian urban centers. Results show that in 2030, in all urban densities, EV have lower operating costs, and they are the more economical choice for all cities or lifespans by 2035. EVs stand out, particularly with extended vehicle lifespans and increased delivery frequencies. Our findings provide a versatile method for assessing the technical and economic feasibility of electric vehicles across diverse demographic areas.

Analisis Usaha Penggemukan Sapi Potong Berdasarkan Biaya Produksi

Research goals to increase revenue or the welfare of farmers through increased livestock production. Efforts are made is through an increase in population, the application of technology and increasing competitiveness through penerapanmanajemen farm. The research was conducted in the District Kasokandel Majalengka district with the survey method. The unit of analysis is the peasant farmers who carry out analysis of samples of beef cattle fattening to strata ownership 1-4 tails 16 people, strata ownership 5-8 tails of 7 people. The results showed that the analysis of fattening beef cattle in Sub District Kasokandel Majalengka is a side business with an average ownership of two birds per person. Nation's beef cattle are kept the nation Peranakan Ongole (PO) to the level of implementation of maintenance management is quite good except going, cages, feed and medicines. Revenue analysis of fattening beef cattle in Sub District Kasokandel Majalengkayang highest with the scale of 5-8 tails and 1-4 tail respectively and Rp 2,381,750.00 Rp 3,880,228.00. The conclusion was analysis of the beef cattle fattening business in Kasokandel District, Majalengka Regency, which is a side business with an average ownership of 2 head per person and total ownership of 1-4 head amounting to IDR 2,381,750, total ownership of 5-8 head amounting to IDR 3,880,228.60.

Improved Risk Matrix for Distribution Transformer in East Java: Analytic Network Process and Modified Total Ownership Cost

Many studies have been conducted on risk assessment in distribution transformers. However, previous studies have not fully considered the risk analysis and cost impact of damage to distribution transformers. In addition, the use of the Modified Total Ownership Cost Method is one comprehensive approach to calculating the cost implications of damage to distribution transformers. The use of risk matrix to determine likelihood factors and consequence factors still does not consider several factors, and the factors used often have equal weight and are interrelated. This study collects all the indicators used for probability and consequence factors in the risk matrix and applies the Analysis Network Process to give weight to those factors. The result is a more accurate risk evaluation model, supporting decision-making regarding investment in distribution transformers in East Java. A modified and weighted risk matrix was applied to 65 distribution transformers, of which 3 had low risk, 14 had moderate risk, 38 had high risk, 8 had very high risk, and 2 had extreme risk.

Methodology for the comparative evaluation of vehicle technologies in intermediate cities considering electric vehicles

Climate change and emissions reduction are crucial global issues that require transformations in the energy and transportation sectors. This has increased Electric Vehicles (EVs) adoption in various countries, including emerging economies like Colombia. The government in Colombia has implemented incentives and regulations to promote sustainable mobility, increasing the number of EVs and hybrids. However, beyond governmental incentives, factors such as range, availability of charging stations, and acquisition costs impact EV adoption. Therefore, vehicle owners must evaluate total ownership costs over time and technical aspects to understand EVs financial and performance advantages. In this context, a methodology is proposed to facilitate decision-making by comparing technical, economic, and environmental aspects of vehicle technologies in a specific urban transportation context. A case study for individual public transportation in Pasto, an intermediate city in Colombia (Pasto), is presented, which can be extrapolated to other cities with similar characteristics. This methodology supports governmental efforts for transport decarbonization and aims to inform cab owners about the economic benefits of new technological adoptions. The case study constructs a spatial model for individual public transportation simulated in SUMO (Simulation of Urban Mobility). By evaluating technical, economic, and environmental aspects with a realistic approach based on simulation results that considered traffic conditions and network operational parameters, helpful benchmarking is obtained to promote EVs among owners of public vehicles in the city and concludes that EV adoption for individual public transportation in Pasto is notably advantageous from a financial perspective.

Determining total cost of ownership and peak efficiency index of dynamically rated transformer at the PV-power plant

Dynamic rating of the transformer is a promising technology, which is suitable for various applications. Using dynamic rating for connecting renewable energy is believed to be beneficial for the economy and flexibility of the power system. However, to safely deploy such operation strategies, it is important to have more precise estimates for the total costs of owning such units and determine how effective such operation method is for a solar power plant. This study proposes a method for calculating total ownership costs (TOC) of dynamically rated transformers used for the connection of the solar power plant to the grid as well as analyzes its efficiency. The sensitivity analysis looks into the change in TOC and peak efficiency index (PEI) after considering reactive power dispatch. Results of this study also show how TOC, PEI, and load and no-load losses change depending on the transformer size.

VC-Vault: A User-Friendly, Secure, Privacy-Enhancing Verifiable Credentials Wallet

The shift from centralized identity systems to decentralized alternatives is becoming more imminent. Users are increasingly encouraged to embrace the principles of Self-Sovereign Identity (SSI), relying on two key components, Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs), to regain total ownership and control over their identity and data, as well as how and to whom they are shared. This emphasizes a pressing need for VC wallet solutions that are not only user-friendly, but also uncompromisingly secure. In this paper, we introduce VC-Vault, an innovative wallet application that incorporates the principles of SSI and conforms to the European Blockchain Services Infrastructure (EBSI) standards. VC-Vault operates across both desktop and mobile platforms, delivering a coherent and effortless user experience. By establishing seamless integration with EBSI services, SSI principles, and VCs, VC-Vault places the control of digital identity and credentials firmly in the discretion of users.

Increase The Total Profit Achievement of Priority Unit by Analyzing Determinants of Total Profit Case Study: PT Bank SMS Balikpapan Branch Office

Banks, as providers of financial services, according to their function as public fund collectors, have customers with various characteristics of different financial needs. In providing the best service to customers, banks must be able to classify the types of customers or create customer segmentation so that the services offered are right on target in meeting customers' emotional and transactional needs. In the banking business, one form of segmentation is priority service. Certain customer segments are expected to have a significant contribution to achieving bank profits, although there is a possibility that customer segmentation does not contribute positively to profit. Therefore, banks need to evaluate the profit contribution of customer segmentation to ensure that this segment contributes positively to company profits continuously. This study aims to analyze and examine the factors of the customer portfolio that affect the achievement of priority unit performance profits, including ownership of bank products, CASA, total credit usage (outstanding loan), time deposit, and investments. This study collects the portfolio of 721 customers at the PT Bank SMS Balikpapan Branch Office period 2019 to 2022 from PT Bank SMS internal data. This study uses a quantitative approach, panel data regression, with the help of Stata 17 software, to determine the variables that impact achieving profit. The results show that the total ownership of bank products, CASA, credit usage (outstanding loan), and time deposits positively affect the achievement of priority performance profit. Increasing ownership of bank products, CASA, outstanding loan, and time deposit will increase the profitability of priority unit performance. On the contrary, investment has a non-significant relationship to the achievement of profit. Therefore, the priority unit must have a strategy focusing on these four things to achieve profit targets. Priority units are expected to know the needs of customers and be able to provide solutions to customer needs. This study provides practical implications for the company by creating a collaboration program to achieve profit on priority performance. Priority units need assistance from other units related to knowledge of credit products and establishing customer relationships. For further research, the scope of research can be expanded by adding several independent variables such as cost factors, bank product variables detailed in each product, credit facility differentiated by the type of credit (productive or consumptive loan), credit collectability, and reserve value for non-performing loans.

Techno-Economic Modelling of Solar Photovoltaic (PV) Power Transformers in South Africa

The increasing demand for electricity in South Africa has led to a rise in the deployment of solar photovoltaic systems. The integration of these systems requires the installation of power transformers to convert the generated DC power into AC power that can be fed into the grid. However, the high cost of these transformers can hinder the widespread adoption of solar PV systems. Consequently, the primary objective of this work is to introduce a novel service-lifetime loss estimation method that acknowledges the unique requirements of transformers facilitating solar photovoltaic applications. In reality, these transformers are required to facilitate a sporadic energy source, which advocates for an appropriate method to assess the cost of their service-lifetime losses and total ownership cost. Thus far, the energy elements of classical coal-power generation are inadequate, and in conformity with operational and financial considerations of solar PVs, a novel method incorporating the outcomes of a transformer facilitating a solar PV plant is proposed. The proposed approach has been benchmarked with existing methods and the distinction between proposed and existing methods is highlighted. The study further proposes various regression models for estimating the purchase price for transformers specifically intended to exclusively serve in solar PV applications, which are not available in the current South African standards. The percentage errors between the conventional method and the proposed solar PV method are relatively high, ranging from 34.66% to 44.03%. This indicates that the two methods produce significantly different results, and the proposed solar PV method may not be an accurate replacement for the conventional method.

"Power Transformer Design Optimization and Productivity Evaluation Using Artificial Intelligence Techniques"

Transformers need to be designed in a way that satisfies not only all international requirements and customer expectations but also that they are effective, economically practical, and satisfy all international criteria. The design of a transformer should ultimately achieve this goal. It is anticipated that the costs of active components, development, and ownership will decrease as the application of AI approaches becomes more widespread. This is expected to occur while maintaining compliance with international standards and constraints. Using the AI technologies that are currently being utilized in Indian manufacturing will not be sufficient to solve TDO issues. The current research is focusing on developing artificial intelligence-based solutions that have the potential to be used to improve the design of distribution transformers. By utilizing this design for the transformer, both the total ownership costs and the expenses associated with its manufacture would be cut in half (TOC). It was demonstrated that when attempting to solve TDO problems using techniques such as GA, PSO, and TLBO, PSO and GA found higher objective feature values than GA. When it comes to percentages, TLBO performs significantly better than both PSO and GA. As a result of the implementation of NSGA II, the TOPSIS technology made it possible for DM to select any solution from among the non-dominated solutions

An Evaluation of the Impact of Zakah and Islamic Financial Instruments on Economic Growth

This study analyzes the effect of Islamic economic instruments, such as zakat, SBSN, and Islamic Venture Capital (MVS), on Indonesia's economic growth. GDP measures economic growth, while the zakat variable is proxied by the distribution carried out by BAZNAS. Furthermore, MVS and SBSN are measured by total sharia business financing, and total ownership of State Sukuk issued during the study period. This study uses multiple linear models to analyze the impact of Islamic venture capital, ZIS, and SBSN regression from 2011 – 2020. The multiple regression tests were used to partially or simultaneously determine the effect of ZIS funds delivery, Sukuk (SBSN), and Islamic venture capital financing on Indonesia's economic growth. The results showed that the distribution of ZIS partially significantly affects economic growth. The SBSN and Venture Capital variables also have a significant and positive effect. Simultaneously, ZIS distribution and Sharia financing, namely SBSN and Islamic Venture Capital, significantly affected economic growth. This result implies that an increase in Islamic capital financing, SBSN, and distribution of ZIS funds can positively encourage Indonesia's economic growth.

System dynamics-based assessment of novel transport options adoption in India.

The adoption of novel transport options such as ethanol blended fuel (E85) vehicles, electric vehicles (EV), and compressed natural gas (CNG) vehicles to replace conventional petrol (gasoline) and diesel vehicles is not yet well understood. This work develops a system dynamics (SD) model to study the adoption of these novel options for private transport needs in India as a function of technology performance, cost, and other sector specific features. For EVs, expected growth in battery technology and the inconvenience due to lack of charging infrastructure are considered. Since ethanol production sector is still scaling up, model captures the inter-relationships between demand, supply, producer’s profit, and investment in capacity increase. The growth in compressed biogas (CBG) plants and inconvenience due to lack of gas refilling stations are considered for CNG vehicles. For petrol and diesel, the effect of demand on consumer prices and its effect on ownership cost is modelled. A multi-multinominal logit model is used to capture selection of transport option as a function of total ownership costs. Model simulations are performed till 2050, and quantify the adoption trends as well as resulting total greenhouse gas emissions considering life cycle perspective for all the technological options. Simulation results show that E85, EVs and CNG vehicles would constitute 34 % of total private vehicle stock by 2050, resulting in 668.75 million tonnes of CO_2 emissions. The targets set by the government for EV adoption and blending rate of ethanol will not be achieved, and significant improvement is costs and infrastructure are needed. Various policy options to improve adoption of new options are explored, identifying the technology development targets.Graphic abstract Supplementary InformationThe online version contains supplementary material available at 10.1007/s10098-022-02398-8.

Relationship between black ownership, capital structure and company performance

Background: The notion that a company’s ownership structure may affect performance and capital structure has been the attraction, but few studies have looked at the effect of black ownership (BO).Aim: This paper contributes to the literature by examining the possible interactions between BO, performance, and capital structure. Within an agency cost framework, the study indicated that the distribution of equity ownership among black shareholders might significantly influence the performance and leverage of companies listed on the Johannesburg Stock Exchange (JSE).Setting: Altogether 187 companies on the JSE were selected for the period of 2007 to 2014.Method: Data on the sampled companies were sourced from the Iress database, a prominent source of financial data in South Africa, as well as annual reports. The research used a pooled fixed-effects model, random effects model and two-step generalised method of moments in the analysis.Results: The findings of the research provided support for the agency cost theory. The empirical findings indicated that BO was negatively correlated with debt ratio (long-term debt) and performance (Tobin’s Q [TQ]). Surprisingly, BO was positively and significantly correlated with return on assets. Finally, the empirical findings indicated that the proportion of long-term debt and total debt based on market value was lower for BO than for total ownership, while TQ was higher for BO than for total ownership. The finding supports the prediction that companies with a relatively small proportion of black ownership cannot support high leverage and high performanceConclusion: Although the introduction of BO by way of government intervention has been partially successful, more can be done to improve the relationship between the proportion of BO, performance and capital structure in a developing economy.

Maintenance Cost Growth in Aging Aircraft: Analysis of a New DHS Dataset

This article finds that maintenance cost per flight hour increases by 8.0% as the average age of a fleet of aircraft increases by 1 year. Cost growth appears to decrease slightly as aircraft age, with an older group of aircraft showing maintenance cost per flight hour increasing by 7.6%. This is based on analysis of a new database from U.S. Customs and Border Protection Air and Marine Operations (CBP AMO). The article employs a Fixed Effect (FE) Least-Squares Dummy Variable (LSDV) regression model based on panel data from Fiscal Year 2015 (FY2015) to FY2020. The conclusion describes possible areas of additional research. This project’s findings may be interesting to the U.S. Coast Guard (USCG) and the Department of Defense (DoD). USCG aircraft conduct many similar missions to AMO’s aircraft (both organizations are part of the Department of Homeland Security [DHS]). DoD may find the analysis interesting for three reasons. First, while many of AMO’s approximately 200 aircraft are based on commercial designs, it includes military aircraft such as the UH-60, P-3, and MQ-9. Second, many of DHS’s acquisition and maintenance processes mirror DoD’s. Third, AMO’s data are a new dataset for examining aircraft maintenance costs already analyzed using DoD databases such as the Air Force Total Ownership Cost (AFTOC) and Naval Visibility and Management of Operating and Support Costs (VAMOSC) databases.

Determinants of Small-Scale Irrigation Use for Poverty Reduction: The Case of Offa Woreda, Wolaita Zone, Southern Ethiopia

Small-scale irrigation is one of the agricultural activities used by rural farmers to improve the overall livelihood of the rural community by increasing income, securing food, meeting social requirements, and reducing poverty. The main objective of this study was to look into the factors that influence small-scale irrigation for poverty reduction among small-holder farmers in the Offa Woreda, Wolaita Zone. Government and nongovernmental organizations supplied small-scale irrigation and training to small-holder farmers in the study area at various times; however, the key determinants impacting small-scale irrigation use were not fully identified in the study area. The study location was chosen for this study purpose because no prior in-depth research had been conducted. Simple random sampling was used to select the three kebeles for the study. A total of 134 people were included in the study sample frame. The sample was chosen using simple random sampling and the proportional probability-to-size (pps) method, which was proportional to the size and used multistage sampling procedure. The primary data were collected using the interview schedule. Both quantitative and qualitative data were analyzed using descriptive and econometric analyzes in SPSS version 21. Qualitative data were also collected through focus groups and key informant interviews. A factor that influences small-scale irrigation use was investigated using a binary logistic regression model. The binary logistic regression model revealed that both the irrigation participants (37.3%) and the nonparticipant (62.7%) families had a combination of personal and demographic, economic, institutional, and social influencing factors that hinder their likelihood of using irrigation. HH age, annual income of the household, distance from the closest farm sight, farm experience, participation in training, access to irrigation, and sex of HH were positively and significantly influencing factors in the model, while total ownership of livestock of households and health status of households were negatively significant variables. As a result, the Agricultural and Natural Resources Development Office, as well as the Water Mining and Energy Offices, should devote scientific attention to the significant factors that influence irrigation use to boost farm family production and productivity.

Relationship between Enterprise Financing Structure and Business Performance Assisted by Blockchain for Internet of Things Financing Mode.

Financing structure is an important and very complex issue in the financial theory and the rights and obligations of relevant stakeholders of enterprises are also concentrated in the financing structure. Therefore, the financing structure has a significant impact on the value of enterprises. A reasonable financing structure is conducive to standardizing the behavior of enterprises and improving the value of enterprises. The change of corporate financing structure is often used as a signal to external investors about the company's future income expectations, especially because the financing structure has a certain impact on the company's performance, which makes the problem of financing structure more valued by the theoretical and financial circles. For the empirical information about company financing, this paper explores the influencing elements of the company's running overall performance assisted with the aid of the blockchain, and the net of matters provides a chain model and constructs the operating performance indicators according to the comprehensive score. We select the commercial credit financing rate, short-term loan financing rate, long-term loan financing rate, debt financing rate, equity financing rate, and endogenous financing rate. The control variables are total capital, ownership concentration, and average age of the company. The conclusion is drawn by regression analysis. Commercial savings financing rate, fairness financing fee, and endogenous financing fee are positively correlated with the working performance; short-term loans and average age of the company are negatively correlated with the operating performance; and long-term loan financing rate, bond financing rate, and equity concentration are not significantly correlated with the operating performance.

A Novel Approach to Predict Transformer Temperature Rise under Harmonic Load Current Conditions

In South Africa, distribution transformers (DTs) facilitating solar photovoltaic applications represent the highest percentage of total ownership cost investment for independent power producers (IPPs). One of the most indispensable variables that regulate DTs’ operational life span is the hotspot temperature. The prevailing analytical approaches designated to guesstimate the transformer thermal necessities were fathered in accordance with the conservative foundation that an electrical transformer is prone to uniform mean daily and monthly peak loads. In order to appropriately puzzle out the transformer thermal necessities, the formation of a more detailed thermal model that operates with real-time contorted cyclic loading, ambient air temperature, and the intrinsic characteristics of the transformer in-service losses is required. In the current work, various regression models are proposed for the modification of the top-oil formula and the hotspot temperature formula in the IEEE loading guide standard to replicate the real harmonic load currents (HLCs) and the fluctuating ambient air temperature (AT) on an hourly and daily basis. The proposed thermal model is examined in various transformers case studies, in which the computed outcomes produce an error margin of no more than 3% throughout all test cases when compared to the measured data.

Development of an economic replacement time model for mining equipment: a case study

In mining operation equipment replacement represents a strategic decision problem. This paper presents an economic replacement time model for mining drill rigs. A total ownership cost minimization model was developed to optimize the lifetime of a drill rig used in Tara underground mine in Ireland. The developed methodology allows an innovative practical evaluation of the replacement process by applying sensitivity and regression analysis to rank the factors affecting the replacement time of existing and new models of the production drill rig. Compared to previous studies presented in the literature, the present study represents a further development in this field as it has resulted in a practical optimization model that can be used to estimate the economic replacement time of repairable equipment used in the mining and other production industries. The proposed model shows that the absolute economic replacement time of the drill rig investigated in this case study is 81 months and the mining company operating the rig can replace it with an identical one within an optimal replacement range of 6 months (i.e. from month 79–84) when the minimum total cost can still be achieved in practice. Sensitivity and regression analyses show that the maintenance cost has the largest impact on the economic replacement time of the drill rig. The study finds that decreasing the operating and maintenance costs of the drill rig will have the positive effect of increasing the economic replacement time linearly for a new model of the drill rig. The proposed model helps decision-makers to plan the replacement of old rigs and purchase new ones from an economic view point. Thus, this new model can be extended and used for more general applications in the mining industry.