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| Tekijä: | Aronis, K.-P. (et al.) |
| Otsikko: | Inventory control of spare parts using a Bayesian approach: A case study |
| Lehti: | European Journal of Operational Research
2004 : MAY, VOL. 154:3, p. 730-739 |
| Asiasana: | Inventory control Bayesian statistics Case studies Forecasting |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a case study of applying a Bayesian approach to forecast demand and subsequently determine the appropriate parameter S of an (S - 1, S) inventory system for controlling spare parts of electronic equipment. The authors apply the Bayesian approach in an innovative way to specify the initial prior distributions of the failure rates of three types of circuit packs, using the initial estimates and the failure history of similar items. Based on these priors, the authors determine the distributions of demand for spare parts and finally the required stock levels for each type at several locations are calculated. According to the proposed method, a lower base stock than the one currently used is sufficient to achieve the desired service level. |
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