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.
| 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 |
Transportation, Replacement Model, Maintenance, Repair, The Salvage Value, Running Cost of the Equipment
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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
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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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}
}
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 -
Department of Mathematics and Statistics, University of Port Harcourt, Port Harcourt, Nigeria
Department of Mathematics and Statistics, University of Port Harcourt, Port Harcourt, Nigeria
