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Jointly Optimal Deterministic Inventory and Replacement Policies

Author

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  • Charles H. Falkner

    (University of Wisconsin)

Abstract

A deterministic, continuous time, nonstationary inventory and replacement system model is formulated to find the number of orders, the order quantities, the times at which orders should be placed, and the replacement intervals which minimize the cost of operating, maintaining, and replacing a piece of equipment over a finite time horizon. Conditions are given for when the optimal policy is to buy equipments only when the last inventoried item is ready for replacement. A dynamic programming algorithm is presented for solving this problem. The structure of optimal policies is examined for the stationary case. Finally a computational procedure is given for solving the stationary, infinite horizon case.

Suggested Citation

  • Charles H. Falkner, 1970. "Jointly Optimal Deterministic Inventory and Replacement Policies," Management Science, INFORMS, vol. 16(9), pages 622-635, May.
    • Handle: RePEc:inm:ormnsc:v:16:y:1970:i:9:p:622-635
    DOI: 10.1287/mnsc.16.9.622
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    Cited by:

    1. Ruifeng Yang & Jianshe Kang, 2017. "A joint optimal policy of block preventive replacement and spare part inventory," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 8(4), pages 740-746, December.

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