What is it about?
Use of historical data on equipment maintenance to develop an optimal replacement strategy. By using business analytics tools of simulation we showed that significant savings can result by replacing equipment at a certain time in the life of the machine.
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Why is it important?
Our work showed the importance of analytics tools in decision support. Also, it illustrated the need to have good detailed data.
Perspectives
Often decision makers rely on their "gut" to make decisions. Good data and appropriate analytics methods outsmart any gut decisions.
Sree Nilakanta
Iowa State University
Read the Original
This page is a summary of: An evidence-based management framework for business analytics, Journal of Business Analytics, May 2019, Taylor & Francis,
DOI: 10.1080/2573234x.2019.1609341.
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