Optimal replacement strategy of obsolete industrial components under fuzzy data

Competitiveness and rapid technological advances lead to the obsolescence of household items and industrial components. The challenge to people and industrial firms is to be equipped with the latest items, but at the lowest cost. During the last decade, several works have investigated various replacement strategies in order to optimally replace the obsolete industrial components. This article introduces the first work of the literature addressing a replacement strategy in case of fuzzy data on the components. The approach is based on fuzzy logic and the cuckoo optimization algorithm. Two case studies are illustrated for highlighting the applicability of the approach proposed.