TY  - JOUR
AB  - A new policy for joint optimization of age replacement and spare
provisioning has been proposed by incorporating a continuous review
(s, S) type inventory policy, where s is the reorder level and S is the
maximum stock level. Gives cost formulations for a single operating unit
situation and outlines simulation procedure to determine optimal values
of the decision variables by minimizing total cost of replacement and
inventory. Studies the behaviour of this policy for a large number of
case problems and highlights the effects of different cost elements,
item failure characteristics and lead time characteristics. Also
determines, for all case problems, optimal (s, S) policies to support
Barlow‐Proschan age policy. Simulation results clearly indicate that the
jointly optimal policy is more cost‐effective than Barlow‐Proschan
policy.
VL  - 14
IS  - 7
SN  - 0144-3577
DO  - 10.1108/01443579410062176
UR  - https://doi.org/10.1108/01443579410062176
AU  - Zohrul Kabir A.B.M.
AU  - Al‐Olayan Ahmed S.
PY  - 1994
Y1  - 1994/01/01
TI  - Joint Optimization of Age Replacement and Continuous Review Spare
Provisioning Policy
T2  - International Journal of Operations & Production Management
PB  - MCB UP Ltd
SP  - 53
EP  - 69
Y2  - 2024/05/06
ER  -