10
Replacement Models
10.1 INTRODUCTION
The problem of replacement occurs when the job performing units like men, machines, equipment, and others become less effective or useless due to either sudden or gradual deterioration in their efficiency or failure or complete breakdown. For example, an electric light bulb fails all of a sudden an pipeline get blocked, parts of machines become faulty. These are some situations that need most economic replacement policy for replacing faulty units or to take some remedial to restore efficiency.
Suppose an item goes on performing and with decreasing efficiency, then it requires more money to he spent in order to increase the operating cost, repair cost and so on. In such a situation the replacement of an ...
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