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Equipment Replacement: A Comparison of Two Methods

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Two equipment replacement models are reviewed, revised, and compared. The advantages and disadvantages of each is outlined. A generalization of the model presented by Tufts and Mills (1982) was found to properly incorporate all costs associated with equipment replacement. A revised Butler and Dykstra (1981) model was still found to incorrectly estimate capital investment costs. Butler and Dykstra's simpler procedures for estimating some of the costs needed in both models could reduce the difficulty of implementing the Tufts and Mills model. The Tufts and Mills model is flexible and is applicable to other management decisions. Forest Sci. 31:661-670.
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Keywords: Economic analysis; discounted cash flows

Document Type: Journal Article

Affiliations: Assistant Professor, Forest Harvesting, School of Forestry, Alabama Agricultural Experiment Station, Auburn University, AL 36849

Publication date: 1985-09-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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