Drill Bit Replacement Policy

This example was suggested from an example in Kenneth K. Humphreys, Jelen’s Cost and Optimization Engineering. 3rd ed. New York: McGraw-Hill, 1991. 257-262.

The following sections describe this problem and its OptQuest solution:

Drill Bit Replacement Problem Statement
Drill Bit Replacement Spreadsheet Model
Drill Bit Replacement OptQuest Solution