Title :
Upgrade versus replacement: a practical guide to decision-making
Author :
Hart, David T. ; Cook, E. Dean
Author_Institution :
Reliance Electr. Ind. Co., Eastlake, OH, USA
Abstract :
Equipment upgrade versus replacement decisions are often encountered in the manufacturing environment. A systematic model can be used to aid in the decision-making process. Many variables must be analyzed in order to reach a wise decision. This framework for decision-making includes identifying objectives, indicators of success, alternative strategies, and an operational plan. A checklist-type approach is useful for analyzing the suggested variables which should be considered when making an upgrade versus replacement decision
Keywords :
economics; management; manufacturing industries; checklist-type approach; costs; decision-making process; equipment replacement; equipment upgrade; manufacturing environment; objectives identification; operational plan; success indicators; systematic model; Decision making; Feedback; Industry Applications Society; Manufacturing; Mathematical model; Production; Profitability; Stress; Textile fibers; Textile industry;
Journal_Title :
Industry Applications, IEEE Transactions on
