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Investigating economic replacement policy under uncertainty for managerial application based on grey-reliability approach using QCC

Nan Li (School of Economics and Management, Heilongjiang Bayi Agricultural University, Daqing, China)
M. Prabhu (Department of Business Administration, College of Administration and Economics, Lebanese French University, Erbil, Iraq)
Atul Kumar Sahu (Department of Industrial and Production Engineering, Guru Ghasidas Vishwavidyalaya, Bilaspur, India)

Grey Systems: Theory and Application

ISSN: 2043-9377

Article publication date: 16 December 2022

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Abstract

Purpose

The main purpose of present study is to model the replacement policy under uncertainty for managerial application based on grey-reliability approach by considering the subjective views of quality control circle (QCC). The study objectively links the optimality between individual replacement and group replacement policies for determining the minimum operational costs. The integrated framework between QCC, replacement theory, grey set theory and supply chain management is presented to plan replacement actions under uncertainty.

Design/methodology/approach

The study proposes the concept of grey-reliability index and built a decision support model, which can deal with the imprecise information for determining the minimum operational costs to plan subsequent maintenance efforts.

Findings

The findings of the study establish the synergy between individual replacement and group replacement policies. The computations related to the numbers of failures, operational costs, reliability index and failure probabilities are presented under developed framework. An integrated framework to facilitate the managers in deciding the replacement policy based on operational time towards concerning replacement of assets that do not deteriorate, but fails suddenly over time is presented. The conceptual model is explained with a numerical procedure to illustrate the significance of the proposed approach.

Originality/value

A conceptual model under the framework of such items, whose failures cannot be corrected by repair actions, but can only be set by replacement is presented. The study provides an important knowledge based decision support framework for crafting a replacement model using grey set theory. The study captured subjective information to build decision model in the ambit of replacement.

Keywords

Citation

Li, N., Prabhu, M. and Sahu, A.K. (2022), "Investigating economic replacement policy under uncertainty for managerial application based on grey-reliability approach using QCC", Grey Systems: Theory and Application, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/GS-07-2022-0075

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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