Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company

Nwachukwu Ginikanwa Racheal; Orumie Ukamaka Cynthia

doi:doi:10.11648/j.sjams.20241204.12

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Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company

Nwachukwu Ginikanwa Racheal, Orumie Ukamaka Cynthia^*

Published in Science Journal of Applied Mathematics and Statistics (Volume 12, Issue 4)

Received: 4 June 2024 Accepted: 28 June 2024 Published: 26 September 2024

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Abstract

When it comes to replacing the cars in their fleets, transportation companies have a lot of factors to take into account. The age of the cars is one of the most crucial variables because older models typically need more upkeep and repairs, and if possibly replace, which may be expensive both financially and in terms of time. Using God is Good Motors as a case study, the research applied replacement theory in a transportation company to predict when to replace a vehicle using Replacement Policy when Value of Money does not change over time. The study looked at the creation, application, and assessment of a replacement model specifically designed to meet the requirements of God is Good (GIGM) Transport Company, one of Nigeria's top providers of intercity transportation services. The study commenced with an extensive examination of previous research, including current approaches, variables impacting replacement choices, and consequences for both operational and environmental results. On the basis of this framework, a methodical approach is created for creating and executing the replacement model, which includes data gathering, model creation, simulation methods, and validation procedures. The replacement model's practical use within GIGM Transport Company offered insightful information about how to apply abstract ideas to actual situations. The result showed that the average total cost A_(n) is minimum at the end of the 6^th year and from the next year, that is the 7^th year onwards, the value of A_(n) increases. Thus, a decision of replacement of the vehicle, would be right to be taken on the 6^th year.

Published in	Science Journal of Applied Mathematics and Statistics (Volume 12, Issue 4)
DOI	10.11648/j.sjams.20241204.12
Page(s)	64-71
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Transportation, Replacement Model, Maintenance, Repair, The Salvage Value, Running Cost of the Equipment

References

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[2]	Riechi, Jorge & Mácian, V. & Tormos, B. & Avila, C. (2017). Optimal fleet replacement: A case study on a Spanish urban transport fleet. Journal of the Operational Research Society. 68. 1-9. https://doi.org/10.1057/s41274-017-0236-1
[3]	Boudart, Jesse & Figliozzi, Miguel. (2012). A Study of the Key Variables Affecting Bus Replacement Age Decisions and 1 Total Costs. Transportation Research Record: Journal of the Transportation Research Board. 2274. 109-113. https://doi.org/10.3141/2274-12
[4]	Jadi, G. T. and Ojo, O. (2011). An appraisal of property management practice in Metropolitan, Ibadan, Nigeria. The Built and Human Environment Review, 4(1), 167-181.
[5]	Ekeocha, R. J. O., Odukwe, A. O., & Aguwambaa, U. J. C. (2011). Machinery replacementproblems model, World Journal of Engineering and Pure and Applied Science, 1(3), 81.
[6]	Kparib, D. Y. Suleman S., Eric K. A. (2014) A Bus Replacement Models for the State Transport Company, KUMASI, GHANA International Journal of Innovative and Applied Research, International Journal of Innovative and Applied Research, Volume 2, ISSN 2348 – 0319 Issue (4): 75-87.
[7]	Enogwe, Samuel & Oruh, Ben & Ekpenyong, Emmanuel. (2018). A Modified Replacement Model for Items That Fail Suddenly with Variable Replacement Costs. American Journal of Operations Research. 08. 457-473. https://doi.org/10.4236/ajor.2018.86026
[8]	Bellman, R. E. (1955). Equipment replacement policy. Journal of the Society for Industrial and Applied Mathematics, 3(3), 133-136. http://dx.doi.org/10.1137/0103011
[9]	Besiou, M., Martinez, A. J. P. & Van Wassenhove, L. N. (2012). The effect of earmarked funding on fleet management for relief & development. INSEAD, Working Paper.
[10]	Emiliano, William & Alvelos, Filipe & Telhada, José & Lanzer, Edgar. (2020). An optimization model for bus fleet replacement with budgetary and environmental constraints. Transportation Planning and Technology. 43. 1-15. https://doi.org/10.1080/03081060.2020.1763656
[11]	Mejza, M. C., Barnard, R. E., Corsi, T. M., Keane, T., 2003. Driver management practices of motor carriers with high compliance and safety performance. Transportation Journal (Summer), 16–29.
[12]	Odutola, S. O. (1997). The administrative factor in the development of transport in Nigeria, unpublished.
[13]	Rashid A. (2011). Dynamic programming based bus replacement policy for Metro-Mass Transit Limited-Kumasi Depot, (M.Sc. Thesis).
[14]	Resse, L. P., Clayton, E. R., and Taylor, B. W. Network Simulation Model for Police Patrol Vehicle Maintenance and Replacement Analysis. Computers, Environment and Urban Systems, Vol. 7, No. 3, 1982, pp. 191-196.

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Racheal, N. G., Cynthia, O. U. (2024). Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Science Journal of Applied Mathematics and Statistics, 12(4), 64-71. https://doi.org/10.11648/j.sjams.20241204.12

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ACS Style

Racheal, N. G.; Cynthia, O. U. Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Sci. J. Appl. Math. Stat. 2024, 12(4), 64-71. doi: 10.11648/j.sjams.20241204.12

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AMA Style

Racheal NG, Cynthia OU. Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Sci J Appl Math Stat. 2024;12(4):64-71. doi: 10.11648/j.sjams.20241204.12

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@article{10.11648/j.sjams.20241204.12,
  author = {Nwachukwu Ginikanwa Racheal and Orumie Ukamaka Cynthia},
  title = {Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company
},
  journal = {Science Journal of Applied Mathematics and Statistics},
  volume = {12},
  number = {4},
  pages = {64-71},
  doi = {10.11648/j.sjams.20241204.12},
  url = {https://doi.org/10.11648/j.sjams.20241204.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjams.20241204.12},
  abstract = {When it comes to replacing the cars in their fleets, transportation companies have a lot of factors to take into account. The age of the cars is one of the most crucial variables because older models typically need more upkeep and repairs, and if possibly replace, which may be expensive both financially and in terms of time. Using God is Good Motors as a case study, the research applied replacement theory in a transportation company to predict when to replace a vehicle using Replacement Policy when Value of Money does not change over time. The study looked at the creation, application, and assessment of a replacement model specifically designed to meet the requirements of God is Good (GIGM) Transport Company, one of Nigeria's top providers of intercity transportation services. The study commenced with an extensive examination of previous research, including current approaches, variables impacting replacement choices, and consequences for both operational and environmental results. On the basis of this framework, a methodical approach is created for creating and executing the replacement model, which includes data gathering, model creation, simulation methods, and validation procedures. The replacement model's practical use within GIGM Transport Company offered insightful information about how to apply abstract ideas to actual situations. The result showed that the average total cost A(n) is minimum at the end of the 6th year and from the next year, that is the 7th year onwards, the value of A(n) increases. Thus, a decision of replacement of the vehicle, would be right to be taken on the 6th year.
},
 year = {2024}
}

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TY  - JOUR
T1  - Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company

AU  - Nwachukwu Ginikanwa Racheal
AU  - Orumie Ukamaka Cynthia
Y1  - 2024/09/26
PY  - 2024
N1  - https://doi.org/10.11648/j.sjams.20241204.12
DO  - 10.11648/j.sjams.20241204.12
T2  - Science Journal of Applied Mathematics and Statistics
JF  - Science Journal of Applied Mathematics and Statistics
JO  - Science Journal of Applied Mathematics and Statistics
SP  - 64
EP  - 71
PB  - Science Publishing Group
SN  - 2376-9513
UR  - https://doi.org/10.11648/j.sjams.20241204.12
AB  - When it comes to replacing the cars in their fleets, transportation companies have a lot of factors to take into account. The age of the cars is one of the most crucial variables because older models typically need more upkeep and repairs, and if possibly replace, which may be expensive both financially and in terms of time. Using God is Good Motors as a case study, the research applied replacement theory in a transportation company to predict when to replace a vehicle using Replacement Policy when Value of Money does not change over time. The study looked at the creation, application, and assessment of a replacement model specifically designed to meet the requirements of God is Good (GIGM) Transport Company, one of Nigeria's top providers of intercity transportation services. The study commenced with an extensive examination of previous research, including current approaches, variables impacting replacement choices, and consequences for both operational and environmental results. On the basis of this framework, a methodical approach is created for creating and executing the replacement model, which includes data gathering, model creation, simulation methods, and validation procedures. The replacement model's practical use within GIGM Transport Company offered insightful information about how to apply abstract ideas to actual situations. The result showed that the average total cost A(n) is minimum at the end of the 6th year and from the next year, that is the 7th year onwards, the value of A(n) increases. Thus, a decision of replacement of the vehicle, would be right to be taken on the 6th year.

VL  - 12
IS  - 4
ER  -

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Author Information

Nwachukwu Ginikanwa Racheal

Department of Mathematics and Statistics, University of Port Harcourt, Port Harcourt, Nigeria

Contact Email
Orumie Ukamaka Cynthia

Department of Mathematics and Statistics, University of Port Harcourt, Port Harcourt, Nigeria

Contact Email

http://orcid.org/0000-0002-0344-768X

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APA Style

Racheal, N. G., Cynthia, O. U. (2024). Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Science Journal of Applied Mathematics and Statistics, 12(4), 64-71. https://doi.org/10.11648/j.sjams.20241204.12

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ACS Style

Racheal, N. G.; Cynthia, O. U. Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Sci. J. Appl. Math. Stat. 2024, 12(4), 64-71. doi: 10.11648/j.sjams.20241204.12

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AMA Style

Racheal NG, Cynthia OU. Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company. Sci J Appl Math Stat. 2024;12(4):64-71. doi: 10.11648/j.sjams.20241204.12

Copy | Download

@article{10.11648/j.sjams.20241204.12,
  author = {Nwachukwu Ginikanwa Racheal and Orumie Ukamaka Cynthia},
  title = {Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company
},
  journal = {Science Journal of Applied Mathematics and Statistics},
  volume = {12},
  number = {4},
  pages = {64-71},
  doi = {10.11648/j.sjams.20241204.12},
  url = {https://doi.org/10.11648/j.sjams.20241204.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjams.20241204.12},
  abstract = {When it comes to replacing the cars in their fleets, transportation companies have a lot of factors to take into account. The age of the cars is one of the most crucial variables because older models typically need more upkeep and repairs, and if possibly replace, which may be expensive both financially and in terms of time. Using God is Good Motors as a case study, the research applied replacement theory in a transportation company to predict when to replace a vehicle using Replacement Policy when Value of Money does not change over time. The study looked at the creation, application, and assessment of a replacement model specifically designed to meet the requirements of God is Good (GIGM) Transport Company, one of Nigeria's top providers of intercity transportation services. The study commenced with an extensive examination of previous research, including current approaches, variables impacting replacement choices, and consequences for both operational and environmental results. On the basis of this framework, a methodical approach is created for creating and executing the replacement model, which includes data gathering, model creation, simulation methods, and validation procedures. The replacement model's practical use within GIGM Transport Company offered insightful information about how to apply abstract ideas to actual situations. The result showed that the average total cost A(n) is minimum at the end of the 6th year and from the next year, that is the 7th year onwards, the value of A(n) increases. Thus, a decision of replacement of the vehicle, would be right to be taken on the 6th year.
},
 year = {2024}
}

Copy | Download

TY  - JOUR
T1  - Applications of Replacement Model Approach in Management of God- Is-Good Transportation Company

AU  - Nwachukwu Ginikanwa Racheal
AU  - Orumie Ukamaka Cynthia
Y1  - 2024/09/26
PY  - 2024
N1  - https://doi.org/10.11648/j.sjams.20241204.12
DO  - 10.11648/j.sjams.20241204.12
T2  - Science Journal of Applied Mathematics and Statistics
JF  - Science Journal of Applied Mathematics and Statistics
JO  - Science Journal of Applied Mathematics and Statistics
SP  - 64
EP  - 71
PB  - Science Publishing Group
SN  - 2376-9513
UR  - https://doi.org/10.11648/j.sjams.20241204.12
AB  - When it comes to replacing the cars in their fleets, transportation companies have a lot of factors to take into account. The age of the cars is one of the most crucial variables because older models typically need more upkeep and repairs, and if possibly replace, which may be expensive both financially and in terms of time. Using God is Good Motors as a case study, the research applied replacement theory in a transportation company to predict when to replace a vehicle using Replacement Policy when Value of Money does not change over time. The study looked at the creation, application, and assessment of a replacement model specifically designed to meet the requirements of God is Good (GIGM) Transport Company, one of Nigeria's top providers of intercity transportation services. The study commenced with an extensive examination of previous research, including current approaches, variables impacting replacement choices, and consequences for both operational and environmental results. On the basis of this framework, a methodical approach is created for creating and executing the replacement model, which includes data gathering, model creation, simulation methods, and validation procedures. The replacement model's practical use within GIGM Transport Company offered insightful information about how to apply abstract ideas to actual situations. The result showed that the average total cost A(n) is minimum at the end of the 6th year and from the next year, that is the 7th year onwards, the value of A(n) increases. Thus, a decision of replacement of the vehicle, would be right to be taken on the 6th year.

VL  - 12
IS  - 4
ER  -

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