About the research
Fleet managers are continuously challenged with determining the optimal equipment replacement time based on increasing operation costs and decreasing economic value. In addition, they are challenged with determining if a lease or purchase provides the greatest value. Compounding upon these challenges, new equipment purchases and leases can create a negative perception among the general public. This first phase of this research—which consists of a literature review, survey to Minnesota Local Road Research Board (LRRB) members, and follow–up case studies—is strategically designed to understand existing decision support models and methods, quantitative data, and constraints that agencies have when determining the optimal equipment replacement. The second phase of this research—which consists of tool development, validation, and training—is intended to meet the identified challenges and support life–cycle cost analysis (LCCA). This tool will provide quantifiable support for the decision–making process, enabling agencies to make defensible decisions.