Failure replacement and preventive maintenance spare parts ordering policy

Failure replacement and preventive maintenance spare parts ordering policy

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Article ID: iaor20052994
Country: Netherlands
Volume: 161
Issue: 1
Start Page Number: 183
End Page Number: 190
Publication Date: Feb 2005
Journal: European Journal of Operational Research
Authors:
Keywords: inventory, programming: dynamic
Abstract:

This paper addresses inventory policy for spare parts, when demand for the spare parts arises due to regularly scheduled preventive maintenance, as well as random failure of units in service. A stochastic dynamic programming model is used to characterize an ordering policy which addresses both sources of demand in a unified manner. The optimal policy has the form (s(k),S(k)), where k is the number of periods until the next scheduled preventive maintenance operation. The nature of the (s(k),S(k)) policy is characterized through numeric evaluation. The efficiency of the optimal policy is evaluated, relative to a simpler policy which addresses the failure replacement and preventive maintenance demands with separate ordering policies.

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