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Optimal control of preventive maintenance schedule and safety stocks in an unreliable manufacturing environment

Authors
Journal
International Journal of Production Economics
0925-5273
Publisher
Elsevier
Publication Date
Volume
74
Identifiers
DOI: 10.1016/s0925-5273(01)00121-9
Keywords
  • Economic Manufacturing
  • Machine Breakdown
  • Preventive Maintenance
  • Safety Stocks
  • Stochastic Model
Disciplines
  • Economics
  • Mathematics

Abstract

Abstract This paper revisits the economic manufacturing quantity (EMQ) model by Cheung and Hausman (Nav. Res. Logist. 44 (1997) 257) from the theoretical point of view, and develops a new stochastic model under somewhat different restrictive assumptions. The optimal policies, the order quantity and safety stock, are derived, respectively, so as to minimize the expected cost per unit time in the steady-state.

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