The relationship between a (Q,r) inventory policy and an age replacement maintenance policy.
Hearn, Thomas Muir
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Cost models are developed to show the relationship between inventory and maintenance policies when one component of one item of equipment is replaced in accordance with the maintenance policy and the components are stocked in accordance with the inventory policy. A (Q,r) inventory policy and failure replacement and age replacement maintenance policies are used. The necessary conditions for determining optimum values of the reorder quantity, the reorder point, and time to replacement are derived.
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