Replacement theory MBA PRODUCTION MANAGEMENT

Anil Kulkarni, [PMP®, M-Tech Civil, CE]

The efficiency of all industrial and military equipment's deteriorates with time. Sometimes the equipment fails completely and effects the whole system. The maintenance costs (running costs) of an equipment also go on increasing with time. Thus it becomes more economical to replace the old equipment with a new one. Hence there is a need to formulae a most economical replacement policy which is in the best interest of the system.

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Nageswara Rao Thots

This document discusses replacement models for equipment and machines. It presents three models: 1) where maintenance costs increase over time and money value is constant, 2) where maintenance costs and money value both change over time, and 3) group replacement policy. It provides examples of calculating optimal replacement times using discounted cash flows and accounting for probability of failure in a group. The examples are solved to determine when equipment should be replaced to minimize average annual costs.

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Project presentation on Replcement

alok tiwari

The document presents a project on replacing the computer systems at ACCMAN INSTITUTE OF MANAGEMENT. It provides background on the institute, established in 2003. The objective is to analyze the condition of the existing 60 computer systems, purchased in 2006, and replace them if needed due to age or increased maintenance costs. Data is collected on maintenance costs from 2006-2011 and calculations show average costs are lowest in 2010-2011, so replacement after 5 years is recommended. Using a new higher-spec configuration could allow increasing the replacement period with lower maintenance costs. In conclusion, replacement theory proves an effective management tool for minimizing costs as machines deteriorate over time.

Equipment Replacement Model1 modi

The document discusses models for determining the optimal replacement time for construction equipment based on minimizing total cost. It presents an infinite horizon model that estimates total costs on a present value basis for an existing piece of equipment and its future replacements. The model considers costs like initial investment, operation & maintenance, resale value, repairs, and downtime. A case study applies the model to optimization of replacement for a Poclain excavator. Input data on costs over the excavator's life are analyzed. The model is used to determine the replacement age and new equipment life that minimize total present costs.

Unit 5 or

Bakhshi-G-New Bakhshi

This document discusses quantitative techniques for replacement modeling. It covers: 1) The replacement problem arises when components like machinery deteriorate over time, reducing efficiency. The objective is to maximize profit by keeping a system performing at a desired level. 2) Components can fail gradually, as efficiency decreases with usage, or suddenly without warning. Failure types include progressive, retrogressive, and random. 3) Costs associated with replacement include purchase, salvage, and maintenance costs, which typically increase over time. Techniques determine the optimal replacement time to minimize total costs.

The document discusses replacement theory, which determines the optimal time to replace equipment or machines that deteriorate over time. It increases maintenance costs as equipment ages. The document provides examples of industries that use replacement theory and outlines the methodology. It presents a sample replacement problem looking at the purchase price, annual running costs, and resale values to determine the year when replacement is most economical based on minimum average total cost. The optimal replacement period is calculated based on rules comparing maintenance costs to average costs or scrap value.

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Rekha Rani

Replacement theory

R A Shah

The document discusses replacement theory in operations research. It describes individual and group replacement policies. For individual replacement, it provides an example of determining when to replace a machine based on comparing average total costs between years. For group replacement, it gives an example of determining the optimal time interval to replace all light bulbs based on failure rates and comparing total replacement costs. The optimal time was found to be every 3 weeks for the light bulbs.

Replacement & Maintenance Analysis Unit IV MG 6863

This document discusses equipment replacement and maintenance analysis. It provides information on: - Monitoring equipment for efficient functioning and to prevent poor product quality. Maintenance costs increase over time. - Companies must decide whether to replace old equipment by considering maintenance and operation costs versus retaining equipment. - Reasons for replacement include physical damage, obsolescence, and inability to meet demand. Preventative maintenance is planned to not disrupt operations while breakdown maintenance repairs equipment after failures. - The economic life of equipment is determined by comparing maintenance costs to salvage value over years of use. Replacement is considered when annual costs exceed value from continued use.

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This document outlines a case study comparing two factories with identical setups and workloads. It identifies several opportunities to improve the bottom line through targeted training initiatives. Factory expenses could be reduced by training the tool setter in hydraulics and pneumatics to perform maintenance internally, saving $50,000. Additionally, training the operator in programming and setting could minimize downtime when the setter is unavailable. Finally, training on production planning software and tool life extension techniques may help lower overhead expenses by at least 10% each.

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This document discusses various concepts related to value engineering including value, function, cost, make or buy decision criteria, approaches for make or buy decision, value analysis, aims of value engineering, value engineering procedure, brainstorming principles, time value of money calculations for single payment, equal payment series, uniform gradient series, and an example calculation for uniform gradient series. It provides information on an engineering lecturer and concepts taught including definitions, formulas, examples, and diagrams.

Machine hour rate method

Yusuf Khan

The machine hour rate is a method for allocating overhead costs based on machine hours. It is calculated by dividing the total overhead costs by the total expected machine hours. Overhead costs that are allocated this way include depreciation, rent, utilities, maintenance, wages, and more. The machine hour rate breaks costs into standing charges that are fixed and machine charges that are variable based on machine usage. This method allows companies to measure machine efficiency, track idle time, and estimate costs.

Methods of absorption ii - factory overheads distribution prime cost percentage

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This document discusses different methods for distributing factory overhead costs, including prime cost percentage, unit of production basis, labor hour rate, and machine hour rate. The prime cost percentage method uses direct materials and labor costs as the base. The unit of production method divides total overhead by total planned units of production. The labor hour rate divides overhead by total direct labor hours. The machine hour rate divides overhead by total machine hours. Formulas and examples are provided for each method.

Depreciation

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Depreciation is the reduction in the value of fixed assets over their useful life due to factors like normal wear and tear, damage, obsolescence, and age. It is calculated each year using methods like the straight-line method or written down value method and is charged to the profit and loss account. Schedule II of the Companies Act 2013 provides the useful lives of common assets that can be used to calculate depreciation, with flexibility to use different lives if justified. The two main depreciation methods are explained with examples.

Operating costing

Humsi Singh

1. Operating costing is a method used to ascertain the costs of services or operations that do not produce goods. It involves determining the costs of running activities like transportation, hospitality, insurance, and more. 2. Operating costing can be divided into four types: output costing, process costing, operating/service costing, and composite/multiple costing. Service industries use operating/service costing to determine their costs. 3. When using operating/service costing, industries must select an appropriate cost unit like ton-kilometers for transportation or passengers-kilometers for airlines. Cost units can be simple, like kilograms for utilities, or composite. Operating costs include both fixed and

Om0010 operations management

smumbahelp

This document provides information about getting fully solved MBA assignments. It instructs students to send their semester and specialization name to the email address "help.mbaassignments@gmail.com" or call the provided phone number to receive solved assignments. The document then provides an example of an operations management assignment that covers topics like forecasting, production capacities, transportation costs, and equipment replacement models. It includes six questions with detailed answers on these subject areas.

facility location ( operations and quality management)

saumyah Singh

The document discusses facility location for a company called Jubilant Life Sciences. It analyzes two methods - median method and center of gravity method - to determine the optimal location for a new facility using existing facility data. The median method identifies coordinates of (76.14, 24.2) with a transportation cost of Rs. 51157.4. The center of gravity method finds coordinates of (76.58, 22.25) with a cost of Rs. 51952. As the median method cost is lower, its coordinates are selected as the best location.

Overhead - Primary and Secondary Distribution

RajaKrishnan M

Overhead expenses include indirect expenses, indirect labor, and indirect materials. Primary distribution involves distributing service department overhead costs directly to production departments based on an equitable apportionment basis. The document provides an example of Kumaresh Ltd, which has production departments A, B, C and service departments D, E. It lists overhead costs and allocation bases and provides departmental details. It then distributes the overhead costs to the departments using the allocation bases to prepare a primary departmental distribution summary.

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1) The document discusses operating costing, which is used to compute the cost of services offered by organizations like transportation, electricity generation, hotels, and canteens. 2) Operating costing involves identifying fixed, variable, and maintenance costs for the organization and determining a cost unit like cost per passenger-kilometer. 3) The example problem shows how to calculate the room rental rates for a hotel during peak season and off-season months by determining total annual costs, occupancy rates, and ensuring a 20% profit margin.

Operating costing

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Operating costs are expenses associated with maintaining and running a business on a daily basis. They include costs like administration, maintenance, repairs and wages. Operating costs are classified as fixed, variable or semi-variable. Fixed costs remain constant regardless of the level of production or sales like depreciation. Variable costs change in relation to activity like materials. Semi-variable costs have both fixed and variable elements like insurance. Operating costing is used to calculate the costs of providing services and is applied by organizations like transport, utilities and hospitals. It involves classifying and collecting costs to determine a cost per unit of service.

Cost Behaviors

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1. The document discusses different types of costs including variable costs, fixed costs, indirect costs, and mixed costs. It provides examples of calculating contribution margin and separating fixed and variable components of mixed costs. 2. Fixed costs remain constant regardless of the number of units produced, while variable costs fluctuate depending on the level of production. Mixed costs contain both fixed and variable elements. 3. The document includes examples of graphs that could be used to illustrate fixed costs over time, variable costs that increase with production volume, and scatter plots of mixed cost data. It also discusses outliers and the high-low estimation method.

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Cost estimation involves determining the relationship between costs and activity levels using historical data. There are several types of cost behaviors such as variable, fixed, and semi-variable costs. Managers must understand these cost behaviors to predict how costs will change with activity levels. Common cost estimation methods include account classification, regression analysis, visual fitting, high-low analysis, and engineering estimates. These methods analyze past cost and activity data to develop cost behavior models. Accurate cost estimation requires high quality source data without issues like missing information, outliers, or inconsistent time periods.

Cost of Production

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This document discusses different types of costs involved in production - implicit costs, explicit costs, fixed costs, and variable costs. It defines total cost, average cost, average fixed cost, average variable cost, and marginal cost. The relationship between these different costs is explained with graphs. Economies and diseconomies of scale are also summarized, along with how average costs change in the short run and long run based on the scale of production.

firm cost of production

Shakeel Ahmed

1) A firm is an organization that employs resources to produce goods or services with the aim of making a profit. A firm's cost of production is the total expenditures required to produce a specific level of output. 2) Costs include explicit costs like wages that are directly paid, and implicit costs like foregone opportunity that is not directly paid. Short-run costs are divided into fixed costs that do not vary with output and variable costs that do vary. 3) Per unit costs include average fixed cost, average variable cost, average cost, and marginal cost which is the change in total cost from an additional unit of output. These concepts and cost curves are used to analyze costs of production in the short and long

Replacement theory

Suaj

This document discusses replacement theory and models for determining optimal replacement policies. It introduces replacement theory and explains that items must be replaced when they become obsolete, unusable due to failure, or inefficient due to deterioration over time. It presents four models of replacement: (1) aging of machines that deteriorate over time, (2) availability of new machines that are better, (3) considering the time value of money in depreciation calculations, and (4) group replacements of items that completely fail after a certain usage amount. An example of replacing light bulbs individually or through group replacement is also provided.

Replacement Theory

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This document discusses replacement theory and models for determining when to replace products or services. It examines factors like maintenance costs increasing over time, probabilities of failure, and costs of failure or disruption. Common replacement scenarios explored include replacing when maintenance costs exceed replacement costs, replacing after a set number of failures, or periodically over time. The general approach is to analyze failure and performance patterns over time and assess costs and probabilities to determine the optimal replacement strategy.

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JIMS Rohini News, PGDM Admissions, PGDM -IB, PGDM-RM. The efficiency of all industrial and military equipments deteriorates with time. Sometimes the equipment fails completely and effects the whole system. The maintenance costs (running costs) of an equipment also go on increasing with time. Thus it becomes more economical to replace the old equipment with a new one. Hence there is a need to formulae a most economical replacement policy which is in the best interest of the system.

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Replacement theory

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This document discusses replacement theory and provides examples of its application. It addresses three types of replacement situations: 1) Items that deteriorate over time through use, like vehicles, increasing maintenance costs, 2) Items that fail suddenly without warning, like light bulbs, and 3) Replacement of staff in an organization due to retirement, death, or other reasons. The key aspects of replacement theory are determining the optimal time to replace an item or staff to balance increasing costs from deterioration or failure with the costs of replacement.

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Replacement theory is used to decide when to replace used equipment with new, improved equipment. It considers factors like equipment deterioration over time, failures, technological advancements, and increased demand. There are several replacement models that take different factors into account, such as how equipment ages and becomes outdated, the availability of newer machines with better usage, the depreciation of equipment value over time, and replacing groups of items that fail completely after use. Replacement theory helps determine the optimal time to replace equipment to minimize costs and maximize benefits.

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