Inflation Based replacement model for cutting tools using Markov Stochastic process

Dr S Gajanana; Yayavaram Revanth Sai; K Rahul; S Rohith Yadav

doi:https://doi.org/10.14445/22315381/IJETT-V68I2P206

Research Article | Open Access | Download PDF

Volume 68 | Issue 2 | Year 2020 | Article Id. IJETT-V68I2P206 | DOI : https://doi.org/10.14445/22315381/IJETT-V68I2P206

Inflation Based replacement model for cutting tools using Markov Stochastic process

Dr S Gajanana,Yayavaram Revanth Sai, K Rahul, S Rohith Yadav

Citation :

Dr S Gajanana,Yayavaram Revanth Sai, K Rahul, S Rohith Yadav, "Inflation Based replacement model for cutting tools using Markov Stochastic process," International Journal of Engineering Trends and Technology (IJETT), vol. 68, no. 2, pp. 29-35, 2020. Crossref, https://doi.org/10.14445/22315381/IJETT-V68I2P206

Abstract

Deterioration of the equipment in any industry is inevitable and is proportional to time. In order to maintain a smooth flow in operations of the machines, it is mandatory to have a continuous monitoring. If there arises a situation where the machine or the equipment requires any kind of repair then it may delay the production. The increase in repairing and the maintenance cost demands the replacement of items. The present paper focuses on three different states of repairs of a single point cutting tool. Markov model, which is a stochastic model used to model randomly changing systems in an assumption that future states depend only on the current state is applied in generating the probabilities of items falling in different states. Based on the average cost the replacement decision is taken considering macroeconomic variable “Inflation.”

Keywords

Inflation, Markov Stochastic process, cutting tool.

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