Analysis of inventory models with budget constraint.
Kang, Sung Jin
Howard, Gilbert T.
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This thesis addresses the problem of determining the optimal number of spares for a multi-item inventory system with a procurement budget constraint. Various inventory models are considered with objective functions like time-weighted units short, units short, essentiality -weigh ted units short and pseudo-availability. Solution algorithms are derived using the generalized Lagrange multiplier approach and a marginal analysis approach. Sample data and output results are provided and comparisons of the alternative models are given. Finally, a discussion and example is given of the use of the models as a means of estimating the budget required to attain a specified level of performance.
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