The effect of deterioration on resale value is examined in this study. Previous works on machinery replacement placed emphasis on the minimization of total maintenance and operating costs and the maximization of profit without recourse to the effect of deterioration on the resale value. Some models exclude resale value in the build-up of cost. In other models values of deterioration are assumed or at best determined by methods that are highly subjective and sometimes expensive like the popular failure analysis. In this work, values of deterioration are generated as random numbers using the Monte Carlo simulation under the uniform probability distribution. Dynamic programming enumeration process is adopted as the solution technique. The model is calibrated and the results are verified with field data from different industries. Finally, the results of the model are compared with those of existing models. Basically, the results show that the model is reliable, operational and simple in application. The results show that the measured and predicted total costs are positively correlated with correlation coefficients between 0.72 and 0.99 for the machines considered in this work. With regular maintenance and timely corrective maintenance as well as proper handling of the machines during operation, the results show the replacement dates are between 4 and 6years for construction machines, 16 and 20years for pharmaceutical equipment, 13 and 17years for plastic machines and 6 and 9years for transport vehicles.
1.1 BACKGROUND OF THE STUDY
There has been a debate on the contribution (or lack of it) of European Christian Missionaries to the development and self-understanding of Africans since the publication of the book, The mission on Trial (1977). Some acute observers of the history of ideas have recently reopened the same debate on a local level with particular reference to the Church in Nigeria. A quarter years after the first centenary of the coming of the first missionary heralds of the Gospel in Eastern Nigerian in 1885 is a landmark. In the history of the universal Church, it is a brief period. In the history of evangelization in the Eastern part of Nigeria, it is a vital period. The faltering steps of early days have gradually given way to a robust and fast-growing community of faith, with elements of joys and sorrows, problems and plans, the successes and failures. It helps us to understand better the growth of social, intellectual, political and material development brought to the people of the area by this Church.
The social, cultural and political problems hampering Nigeria‘s quest for unity and appropriate human development have become major staples of contemporary concern of the Church in Nigeria (Obinna, 1995).
The multi-dimensional aspects of development in the various facets of the Nigerian Society have received the attention of the Church and still beckon on the Church for dialogue, critical and constructive dynamism if the church must continue to be relevant today and into the future. Indeed the history of the Church in Nigeria does not make full appreciative sense without a decisive entry for the better into the economic, cultural and socio-political development of the nation (Onwuanibe, 1995). Only with such vigorous engagement for the authentic progress and development of the nation can the Church‘s message be welcome in the seeking of solutions to emergent development problems facing the country. Ultimately, human development is about the realization of potential. It is about what people can do and what they can become–their capabilities and about the freedom they have to exercise real choices in their lives.
1.1 STATEMENT OF THE PROBLEM
Communities in Nigeria have been bedeviled by numerous development challenges which include: severe economic, political and social crises, decline in the standard of education, moral and infrastructural decay, cultural crisis predicated on the fact that traditional values in the people‘s cultures have been heavily impacted by materialism, science and technology and ideologies. Health facilities are in total decay.
All these problems call to question the role of the Church in still contributing to the provision of needed succor in these problem areas. In view of these problems and issues, the big question is the relevance of the Church in the present situation. Since relevance is an important feature of any meaningful phenomenon, event or institution, especially in the sphere of human life, the Church‘s role in the solution of problems in the 21st century Nigerian society may be definitive in the justification of its existence among the Nigerian people.
Moving from the great signs of vitality and great contributions of the Church to community development since the advent of the early missionaries to Eastern Nigerian, this work will look at the role of the Church in Nigeria today and set how it can help address itself to several problems of poverty and other social problems facing the people and see how it can further join the government and other stakeholders in bringing sustainable development among the people for which it was a source of hope in the past.