Optimal policy estimation for continuous review inventory systems

1991 ◽  
Vol 18 (5) ◽  
pp. 487-496 ◽  
Author(s):  
Diptendu Sinha
Keyword(s):  
Optimal Policy ◽  
Inventory Systems ◽  
Continuous Review

Optimal maintenance strategies for repairable systems with general degree of repair

1991 ◽  
Vol 28 (02) ◽  
pp. 384-396 ◽  
Author(s):  
Wolfgang Stadje ◽  
Dror Zuckerman
Keyword(s):  
Optimal Policy ◽  
Planning Horizon ◽  
Spare Parts ◽  
Inventory Systems ◽  
Maintenance Strategy ◽  
Repairable Systems ◽  
Discounted Cost ◽  
Wide Range ◽  
Optimal Maintenance ◽  
New Research

In this study we examine repairable systems with random lifetime. Upon failure, a maintenance action, specifying the degree of repair, is taken by a controller. The objective is to determine an age-dependent maintenance strategy which minimizes the total expected discounted cost over an infinite planning horizon. Using several properties of the optimal policy which are derived in this study, we propose analytical and numerical methods for determining the optimal maintenance strategy. In order to obtain a better insight regarding the structure and nature of the optimal policy and to illustrate computational procedures, a numerical example is analysed. The proposed maintenance model outlines a new research channel in the area of reliability with interesting theoretical issues and a wide range of potential applications in various fields such as product design, inventory systems for spare parts, and management of maintenance crews.

A note on evaluating the risk in continuous review inventory systems

2009 ◽  
Vol 47 (19) ◽  
pp. 5543-5558 ◽  
Author(s):  
Moosa Sharafali ◽  
Mohammed A. Shahul Hameed ◽  
Venkata S.S. Yadavalli
Keyword(s):  
Inventory Systems ◽  
Continuous Review

Ergodicity of age-dependent inventory control systems

2016 ◽  
Vol 53 (3) ◽  
pp. 688-699 ◽  
Author(s):  
Fredrik Olsson ◽  
Tatyana S. Turova
Keyword(s):  
Control Systems ◽  
Typical Feature ◽  
Inventory Systems ◽  
Stationary Distributions ◽  
Perishable Items ◽  
Continuous Review ◽  
Doubly Stochastic ◽  
Poisson Demand ◽  
Age Dependent ◽  
Demand Rate

AbstractWe consider continuous review inventory systems with general doubly stochastic Poisson demand. In this specific case the demand rate, experienced by the system, varies as a function of the age of the oldest unit in the system. It is known that the stationary distributions of the ages in such models often have a strikingly simple form. In particular, they exhibit a typical feature of a Poisson process: given the age of the oldest unit the remaining ages are uniform. The model we treat here generalizes some known inventory models dealing with partial backorders, perishable items, and emergency replenishment. We derive the limiting joint density of the ages of the units in the system by solving partial differential equations. We also answer the question of the uniqueness of the stationary distributions which was not addressed in the related literature.

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