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13 cards from this deck
Dynamic programming
Balancing increasing maintenance costs vs high initial replacement cost
Backwards from the final year
Backward induction method
Purchase cost, maintenance cost, resale value, future optimal value
Cost=Purchase+Maintenance−Resale+Future optimal\text{Cost} = \text{Purchase} + \text{Maintenance} - \text{Resale} + \text{Future optimal}Cost=Purchase+Maintenance−Resale+Future optimal
With asterisks (*)
Increases due to wear and tear
Decreases due to depreciation
Need to know optimal future costs before making current decision
Follow the path of asterisked entries
All costs in present value terms
High maintenance costs
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