Models for 1-out-of Q systems with stochastic lead times and expedited ordering options for spares inventory |
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| Affiliation: | 1. School of Management and Economics, Beijing Institute of Technology, Beijing, China;2. School of Mathematics and Statistics, Beijing Institute of Technology, Beijing, China;1. Cyber Reconnaissance Combat (CRC) Lab, Bahria University, Islamabad, Pakistan;2. Computer Engineering Department, Umm Al-Qura University, College of Computer and Information Systems, Makkah 21421, Saudi Arabia;1. Collaborative Autonomic Computing Laboratory, School of Computer Science, University of Electronic Science and Technology of China, China;2. The Israel Electric Corporation, Haifa, Israel;3. University of the Free State, Bloemfontein, South Africa;4. ITMO University, St. Petersburg, Russia;1. School of Management and Economics, Beijing Institute of Technology, Beijing, China;2. School of Mathematics and Statistics, Beijing Institute of Technology, Beijing, China;1. Department of Chemistry, University of Maine, 178 Munson Road, Orono, ME 04469, USA;2. School of Forest Resources, University of Maine, 5755 Nutting Hall, Orono, ME 04469, USA;3. Advanced Structures and Composites Center, University of Maine, 35 Flagstaff Road, Orono, ME 04468, USA |
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| Abstract: | The purpose of this article is to develop two kinds of continuous-time cyclic inventory models with stochastic lead times and expedited ordering options. The order form under consideration is similar to that arising in the spare part inventory management. Especially, the control problem to determine the timing for the regular order is considered, and the optimal policy which minimizes the long-run average cost is analytically characterized. Finally, numerical examples are presented to evaluate the uncertainty of stochastic lead times, and the optimal inventory policy, which is composed of both the ordering time and the order quantity, is numerically calculated. |
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