Accession Number : AD0699513

Title :   A DYNAMIC INVENTORY MODEL WITH DELIVERY LAG AND REPAIR,

Corporate Author : CENTER FOR NAVAL ANALYSES ARLINGTON VA

Personal Author(s) : Brown,George F. , Jr. ; Corcoran,Timothy M. ; Lloyd,Richmond M.

Report Date : 01 AUG 1969

Pagination or Media Count : 21

Abstract : An inventory system is to be operated over a horizon of T periods during which demands for spare parts arise due to part failure. Successive demands are assumed to be independent and identically distributed random variables. The model considers the periodic review of a single part with backlogging of demand. The decision variables are the amount of initial inventory to stock before departure and the amount of new parts to be ordered during the cruise. Ordering costs include fixed plus unit charges, and linear holding and penalty charges are assessed on end of period inventory. The model is put into a dynamic programming framework. Optimal ordering policies and the existence of an optimal initial inventory level are shown. (Author)

Descriptors :   (*INVENTORY CONTROL, *DYNAMIC PROGRAMMING), MATHEMATICAL MODELS, INVENTORY CONTROL, REPLACEMENT THEORY, MAINTENANCE, TIME LAG THEORY, NAVAL OPERATIONS

Subject Categories : Administration and Management
      Operations Research
      Logistics, Military Facilities and Supplies

Distribution Statement : APPROVED FOR PUBLIC RELEASE