A stocking policy for spare part provisioning under age based preventive replacement

A stocking policy for spare part provisioning under age based preventive replacement A new policy, called stocking policy for ease of reference, has been advanced for joint optimization of age replacement and spare provisioning. It combines age replacement policy with continuous review ( s , S ) type inventory policy, where s is the stock reorder level and S is the maximum stock level. The policy is generally applicable to any operating situation having either a single item or a number of identical items. A simulation model has been developed to determine the optimal values of the decision variables by minimizing the total cost of replacement and inventory. The behaviour of the stocking policy has been studied for a number of case problems specifically constructed by 5-factor second order rotatory design and the effects of different cost elements and item failure characteristics have been highlighted. For all case problems, optimal ( s , S ) policies to-support the Barlow-Proschan age policy have also been determined. Simulation results clearly indicate that the optimal stocking policy is, in general, more cost-effective than the Barlow-Proschan policy. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Journal of Operational Research Elsevier

A stocking policy for spare part provisioning under age based preventive replacement

Loading next page...
 
/lp/elsevier/a-stocking-policy-for-spare-part-provisioning-under-age-based-KgaPAjMtpq
Publisher
Elsevier
Copyright
Copyright © 1996 Elsevier Ltd
ISSN
0377-2217
eISSN
1872-6860
DOI
10.1016/0377-2217(94)00246-0
Publisher site
See Article on Publisher Site

Abstract

A new policy, called stocking policy for ease of reference, has been advanced for joint optimization of age replacement and spare provisioning. It combines age replacement policy with continuous review ( s , S ) type inventory policy, where s is the stock reorder level and S is the maximum stock level. The policy is generally applicable to any operating situation having either a single item or a number of identical items. A simulation model has been developed to determine the optimal values of the decision variables by minimizing the total cost of replacement and inventory. The behaviour of the stocking policy has been studied for a number of case problems specifically constructed by 5-factor second order rotatory design and the effects of different cost elements and item failure characteristics have been highlighted. For all case problems, optimal ( s , S ) policies to-support the Barlow-Proschan age policy have also been determined. Simulation results clearly indicate that the optimal stocking policy is, in general, more cost-effective than the Barlow-Proschan policy.

Journal

European Journal of Operational ResearchElsevier

Published: Apr 5, 1996

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create folders to
organize your research

Export folders, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off