Condition based spare parts supply
A.A. Kranenburg and
G.J. van Houtum
Reliability Engineering and System Safety, 2017, vol. 168, issue C, 240-248
We consider a spare parts stock point that serves an installed base of machines. Each machine contains the same critical component, whose degradation behavior is described by a Markov process. We consider condition based spare parts supply, and show that an optimal, condition based inventory policy is 20% more efficient on average than a standard, state-independent base stock policy. We further propose an efficient and effective heuristic policy.
Keywords: Inventory; Spare parts; Condition monitoring (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:168:y:2017:i:c:p:240-248
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