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| Author: | Albright, S. C. Soni, A. |
| Title: | Approximate steady-state distribution for a large repairable item inventory system. |
| Journal: | European Journal of Operational Research
1988 : MAR, VOL. 34:3, p. 351-361 |
| Index terms: | MAINTENANCE INVENTORIES MARKOV CHAINS |
| Language: | eng |
| Abstract: | A model for repairable inventory system where some items are condemned upon failure is examined. These condemnations require an ordering policy which is taken to be an /s, S/ policy. The system is modeled as a version of the classical machine repair problem using continuous time Markov processes. Solution procedures are developed based on approximations to the steady state probability distribution. Thus it becomes very easy to obtain the operating characteristics of /s,S/ policies with or without an ordering lead time. The approximate models are found to be very accurate. |
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