Abstract
Operation and maintenance costs for systems with deteriorating machines have a considerable weight on total costs. The optimization of maintenance, operation and resources availability is essential to reduce these costs. Due to the strong connection between maintenance and inventory management policies, the manager should consider both simultaneously in the decision process. The objective of this paper is to assess different joint maintenance and inventory policies in a system with deteriorating machines and limited resources. Deterioration of machines is modelled as a multi-state Markov process subject to stochastic failures. Two joint policies are considered. The continuous review inventory policy (s,S) is employed for the Threshold maintenance policy and the Index maintenance policy. Results suggest that the joint Index policy performs better than the joint Threshold policy.
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Pinar-Pérez, J.M., Ruiz-Hernández, D., Marugán, A.P. (2021). Assessment of Joint Maintenance and Inventory Management Policies. In: Xu, J., García Márquez, F.P., Ali Hassan, M.H., Duca, G., Hajiyev, A., Altiparmak, F. (eds) Proceedings of the Fifteenth International Conference on Management Science and Engineering Management. ICMSEM 2021. Lecture Notes on Data Engineering and Communications Technologies, vol 79. Springer, Cham. https://doi.org/10.1007/978-3-030-79206-0_59
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DOI: https://doi.org/10.1007/978-3-030-79206-0_59
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