In this work, the effectiveness of preventive maintenance scheduling (PMS) decisions was reported based on a techno-economic model that reflects cost objective function for ship maintenance activities. With a potential to impact on both transportation businesses and users of transportation services, the model provides an alternative to the combined classical literature problems of spare-parts i...

A spate of recent work demonstrates that humans seek to avoid the expenditure of cognitive effort, much like physical effort or economic resources. Less is clear, however, about the circumstances dictating how and when people decide to expend cognitive effort. Here we adopt a popular theory of opportunity costs and response vigor and to elucidate this question. This account, grounded in Reinfor...

in this paper, the study deals with the lead time and setup reduction problem in the vendor-purchaser integrated inventory model. the cost of capital (i.e., opportunity cost) is one of the key factors in making the inventory and investment decisions. lead time is an important element in any inventory system. the proposed model is presents an integrated inventory model with controllable lead tim...

Historically, a kinked threshold line on the cost-effectiveness plane at the origin was suggested due to differences in willingness to pay (WTP) for health gain with trade-offs in the north-east (NE) quadrant versus willingness to accept (WTA) cost reductions for health loss with trade-offs in the south-west (SW) quadrant. Empirically, WTA is greater than WTP for equivalent units of health, a f...