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.
European Journal of Operational Research – Elsevier
Published: Apr 5, 1996
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