“…The sequence of arcs at the lowest cost is the optimal solution. Over time, the logic of the net visualization combined with DP has been applied to a large variety of equipment replacement applications (Abensur, 2015;Abensur et al, 2019;Adil & Gill, 1994;Ahmed, 1973;Altalabi et al, 2020a;Altalabi et al, 2020b;Bector et al, 2013;Bohner, 1994;Chukwunenye, 2016a, b;D'Aversa & Shapiro, 1978;Dreyfus, 1957Dreyfus, , 1960Espiritu & Coit, 2008a, b;Fan et al, 2011Fan et al, , 2012Fan et al, , 2013Fan et al, , 2014Fawcet & Forero, 2019;Feng & Figliozzi, 2012Gress et al, 2012;Hartman, 1998Hartman, , 1999Hartman, , 2000Hartman, , 2001Hartman & Hartman, 2001;Hartman & Murphy, 2006;Hartman & Rogers, 2006;Leung, 1983;Leung & Tanchoco, 1983, 1986Marques et al, 2005;Rahmawati & Shahab, 2019;Schwartz et al, 1971;Swathi, 2020;Tanchoco & Leung, 1987;Waddell, 1983;Whitin, 1968;Zvipore et al, 2015). Hartman & Murphy (2006) presented a new DP formulation for ERP in an analogy with the classic knapsack problem.…”