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Condition based spare parts supply

X. Lin, R.J.I. Basten, A.A. Kranenburg and G.J. van Houtum

Reliability Engineering and System Safety, 2017, vol. 168, issue C, 240-248

Abstract: 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)
Date: 2017
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Handle: RePEc:eee:reensy:v:168:y:2017:i:c:p:240-248