Optimization models for critical spare parts inventories-a reliability approach

• Published in: The Journal of the Operational Research Society Vol. 62; no. 6; pp. 992 - 1004
• Main Authors: Louit, D, Pascual, R, Banjevic, D, Jardine, A K S
• Format: Journal Article
• Language: English
• Published: London Taylor & Francis 01.06.2011; Palgrave Macmillan; Palgrave Macmillan UK; Taylor & Francis Ltd
• Subjects: Applied sciences; Approximation; Business and Management; Carrying costs; Case studies; Case-oriented Paper; Case-oriented Papers; Component parts; Cost estimates; Costs; Exact sciences and technology; Failure; Inventories; Inventory; Inventory control; Inventory control, production control. Distribution; Inventory management; Management; Minimization of cost; Musical intervals; non-repairable parts; Operational research and scientific management; Operational research. Management science; Operations research; Operations Research/Decision Theory; Optimization; Poisson process; Preventive maintenance; Random variables; Reliability theory. Replacement problems; repairable parts; Spare parts; stochastic processes; Studies; Transformers; Unit costs; repairable parts; inventory; stochastic processes; non-repairable parts; spare parts; Availability; Cost minimization; Probabilistic approach; Finance; Durability; Capital; Stochastic process; Modeling; Optimization; Mining; Spare part; Expenditure; Inventory control; Achievement; Reliability; Risk management; Repair

In industries characterized by heavy utilization of equipment and machinery, such as mining, oil & gas, utilities, transportation, adequate stockholding of critical spare parts becomes essential. Insufficient stocks affect overall performance of physical assets, as lack of spares may result in g...