 Optimal inventory policy for a balanced system subject to hard failureJingjing Wang, Zongxi Wang and Rui Zheng Reliability Engineering and System Safety, 2021, vol. 216, issue C Abstract: This paper explores a novel spare parts provisioning and replacement policy for a balanced system that differs from orthodox systems in failure mechanisms. Once a unit fails, then the corresponding unit in symmetric position must be shut down to maintain a balance. The balanced system fails if and only if no pair of units are working. To avoid system unbalance, an optimal (s,S) inventory policy is adopted for a balanced system with n independently and identically distributed units. Once the stock level decreases to the order point s, an order action is incurred and the order delivery time follows a general distribution. The system average O&M cost per unit time is minimized by optimizing the order point s under the semi-Markov decision process. Finally, an illustrative example for a balanced system with six identical components is used to demonstrate the proposed inventory policy. Keywords: Inventory policy; Replacement policy; Balanced systems; Semi-Markov decision process (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:216:y:2021:i:c:s095183202100524x DOI: 10.1016/j.ress.2021.108015 Access Statistics for this article Reliability Engineering and System Safety is currently edited by Carlos Guedes Soares More articles in Reliability Engineering and System Safety from Elsevier |
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