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A demand classification scheme for spare part inventory model subject to stochastic demand and lead time
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Conceição, Samuel Vieira, da Silva, Gerson Luis Caetano, Lu, Dawei, Nunes, Nilson Tadeu Ramos and Pedrosa, Guilherme Corteletti (2015) A demand classification scheme for spare part inventory model subject to stochastic demand and lead time. Production Planning & Control: The Management of Operations, 26 (16). pp. 1318-1331. doi:10.1080/09537287.2015.1033497 ISSN 0953-7287.
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Official URL: http://dx.doi.org/10.1080/09537287.2015.1033497
Abstract
In this study, we aim to develop a demand classification methodology for classifying and controlling inventory spare parts subject to stochastic demand and lead time. Using real data, the developed models were tested and their performances were evaluated and compared. The results show that the Laplace model provided superior performance in terms of service level, fill rate (FR) and inventory cost. Compared with the current system based on normal distribution, the proposed Laplace model yielded significant savings and good results in terms of the service level and the FR. The Laplace and Gamma optimisation models resulted in savings of 82 and 81%, respectively.
Item Type: | Journal Article | ||||||||
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Subjects: | T Technology > TS Manufactures | ||||||||
Divisions: | Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group) | ||||||||
Library of Congress Subject Headings (LCSH): | Inventory control, Spare parts, Maintenance, Repairing | ||||||||
Journal or Publication Title: | Production Planning & Control: The Management of Operations | ||||||||
Publisher: | Taylor & Francis Ltd. | ||||||||
ISSN: | 0953-7287 | ||||||||
Official Date: | 27 May 2015 | ||||||||
Dates: |
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Volume: | 26 | ||||||||
Number: | 16 | ||||||||
Page Range: | pp. 1318-1331 | ||||||||
DOI: | 10.1080/09537287.2015.1033497 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 28 July 2016 | ||||||||
Date of first compliant Open Access: | 28 July 2016 | ||||||||
Funder: | Universidade federal de Minas Gerais |
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