An optimal ordering policy for a spare unit with lead time |
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Authors: | L.C. Thomas Shunji Osaki |
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Affiliation: | 1. Department of Decision Theory, University of Manchester, Manchester M13 9PL, U.K.;2. Department of Industrial Engineering, University of Hiroshima, Hiroshima 730, Japan |
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Abstract: | We consider a generalised ordering policy in which a spare unit for replacement can be delivered only by order after a constant lead time. Introducing the costs for ordering, shortage and holding, we derive the expected cost per unit time in the steady-state. We discuss the optimal ordering policy which minimises the expected cost, and show in a main theorem that the optimal policy is reduced to either one of two typical ordering policies depending on some conditions. We further discuss a similar ordering policy with varying lead times. |
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