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Jointly Optimal Inventory and Maintenance Policies for Stochastically Failing Equipment

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  • Charles H. Falkner

    (University of Wisconsin, Madison, Wisconsin)

Abstract

A dynamic programming problem is formulated to find the inventory, x , of a spare component and a sequence of maintenance intervals r = ( r 1 ,…, r x + 1 ) that minimize the expected cost of operating an equipment for a finite planning horizon, T . It is assumed that the component fails according to a life distribution function, F (⋯), with an increasing hazard function and that it is cheaper to replace components prior to failure. An operating cost function is found to be strictly convex in the time remaining to the end of the period and that at any time there is a finite nonincreasing sequence of economical maintenance policies, each a continuous nondecreasing function of the time remaining. A procedure is given for calculating the optimal initial inventory and reorders when the procurement cost function is K + c ⋯ x .

Suggested Citation

  • Charles H. Falkner, 1968. "Jointly Optimal Inventory and Maintenance Policies for Stochastically Failing Equipment," Operations Research, INFORMS, vol. 16(3), pages 587-601, June.
    • Handle: RePEc:inm:oropre:v:16:y:1968:i:3:p:587-601
    DOI: 10.1287/opre.16.3.587
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    Cited by:

    1. Panagiotidou, Sofia, 2014. "Joint optimization of spare parts ordering and maintenance policies for multiple identical items subject to silent failures," European Journal of Operational Research, Elsevier, vol. 235(1), pages 300-314.
    2. Yan, Tao & Lei, Yaguo & Wang, Biao & Han, Tianyu & Si, Xiaosheng & Li, Naipeng, 2020. "Joint maintenance and spare parts inventory optimization for multi-unit systems considering imperfect maintenance actions," Reliability Engineering and System Safety, Elsevier, vol. 202(C).
    3. Wang, Jingjing & Qiu, Qingan & Wang, Huanhuan, 2021. "Joint optimization of condition-based and age-based replacement policy and inventory policy for a two-unit series system," Reliability Engineering and System Safety, Elsevier, vol. 205(C).
    4. Wang, Jingjing & Wang, Zongxi & Zheng, Rui, 2021. "Optimal inventory policy for a balanced system subject to hard failure," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    5. Wang, Jingjing & Yang, Li & Ma, Xiaobing & Peng, Rui, 2021. "Joint optimization of multi-window maintenance and spare part provisioning policies for production systems," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    6. Kent Everingham & Gary Polaski & Frederick Riedlin & Michael Shirk & Vinayak Deshpande & Ananth V. Iyer, 2008. "Operations Research Enhances Supply Chain Management at the US Coast Guard Aircraft Repair and Supply Center," Interfaces, INFORMS, vol. 38(1), pages 61-75, February.
    7. Van Horenbeek, Adriaan & Buré, Jasmine & Cattrysse, Dirk & Pintelon, Liliane & Vansteenwegen, Pieter, 2013. "Joint maintenance and inventory optimization systems: A review," International Journal of Production Economics, Elsevier, vol. 143(2), pages 499-508.
    8. Vinayak Deshpande & Ananth V. Iyer & Richard Cho, 2006. "Efficient Supply Chain Management at the U.S. Coast Guard Using Part-Age Dependent Supply Replenishment Policies," Operations Research, INFORMS, vol. 54(6), pages 1028-1040, December.

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