Replenishment policies for inventories of recoverable items with attrition

Mk Schaefer

Omega, 1989, vol. 17, issue 3, 281-287

Abstract: Optimal (s, S) replenishment policies are determined for inventories of recoverable items in which an item occasionally is lost or must be discarded. Two types of recoverable items are considered: rental items and repairable spares. The objective is to minimize total expected order, holding, repair and shortage costs per unit of time. A discrete time Markov chain yields steady-state probabilities for the number of items in the system. Total cost functions are developed for two types of resupply time: immediate and deterministic. Examples are included to illustrate the sensitivity of the optimal (s, S) policies to parameter changes.

Keywords: repairable; inventories; Markov; chains (search for similar items in EconPapers)
Date: 1989
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