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Article: Optimal stationary policy for a repairable item inventory problem
- Article from:
- Canadian Journal of Administrative Sciences
- Article date:
- June 1, 2001
- Author:
CopyrightCopyright Administrative Sciences Association of Canada Jun 2001. Provided by ProQuest LLC. (Hide copyright information)
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Abstract
This paper considers an infinite-horizon repairable-item inventory problem wherein the number of repairable units returned to the system in a given period is assumed to be equal to random proportions of the serviceable units issued in the current and the last M periods. We formulate the problem as an infinite-horizon Markov decision model and propose an algorithm for finding a steady-state optimal inventory policy, which minimizes the expected long-run total discounted cost. For speeding up the convergence of the algorithm we present an improved algorithm that utilizes error bounds. We illustrate the algorithms with numerical examples.
Resume
Cet essais examine un probleme ...