Simple,efficient heuristics for multi-item multi-location spare parts systems with lateral transshipments and waiting time constraints |
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Authors: | H Wong G J van Houtum D Cattrysse D Van Oudheusden |
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Institution: | 1.Katholieke Universiteit Leuven, Celestijnenlaan,Heverlee,Belgium;2.Technische Universiteit Eindhoven,Eindhoven,The Netherlands |
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Abstract: | This paper deals with the analysis of a multi-item, continuous review model of a multi-location inventory system of repairable spare parts, in which lateral and emergency shipments occur in response of stock-outs. The objective is to determine close-to-optimal stocking policies minimizing the total cost for inventory holding, lateral transshipments, and emergency shipments subject to a target level for the average waiting times at all locations. We structure the optimization problem as a combinatorial problem and four different heuristics are developed and evaluated in terms of their total costs and computation times. It is shown that the greedy-type heuristic has the best performance. A numerical study is carried out to look at the relative cost savings obtained from the use of multi-item approach and lateral transshipments. |
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