On the Replenishment of Repair Kit Inventories for Systems with Life Distributions of Phase Type

Charles E. Wells and John L. Bryant
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Charles E. Wells: Department of Decision Sciences, University of Dayton, Dayton, Ohio 45469
John L. Bryant: College of Business Administration, Univeristy of Cincinnati, Cincinnati, Ohio 45221

Management Science, 1985, vol. 31, issue 11, 1440-1450

Abstract: Several models are developed for the evaluation of replenishment policies for an inventory of repair kits used by a system subject to both repairable and nonrepairable failures. At the time of a repairable failure, a repair kit is removed from inventory and used to renew the system. Nonrepairable failures are assumed to occur at some time in the future distributed as a random variable of phase type and permanently terminate the life of the system. Under general stochastic assumptions concerning the lifetime of the components and the time required to perform repair, reorder strategies are identified which maximize the expected net discounted contribution over the lifetime of the systems.

Keywords: reliability modeling; optimal inventory of spares; design redundancy; computational probability (search for similar items in EconPapers)
Date: 1985
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