Joint optimization of maintenance and inventory policies for a simple system.(Scheduling & Logistics): An article from: IIE Transactions

This digital document is an article from IIE Transactions, published by Institute of Industrial Engineers, Inc. (IIE) on May 1, 1996. The length of the article is 7583 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: We examine age replacement and ordering decisions for a system with only one component subject to random failure and with room for only one spare in stock. The system incurs costs for replacement, shortage, holding, and breakage; the lead time for receipt of an ordered spare is constant. We consider the solvability and desirability of jointly optimizing these two traditionally separate decisions. We show that the problem has some convexity properties that make it amenable to minimization. For our data set, we find that using separate optimization gives an average loss of 3% relative to the joint minimum; about a tenth of the time the difference was more than 10%, but in general this loss can vary from zero to arbitrarily large.

Citation Details
Title: Joint optimization of maintenance and inventory policies for a simple system.(Scheduling & Logistics)
Author: Michael J. Armstrong
Publication:IIE Transactions (Refereed)
Date: May 1, 1996
Publisher: Institute of Industrial Engineers, Inc. (IIE)
Volume: v28 Issue: n5 Page: p415(10)

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