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Condition-based critical level policy for spare parts inventory management

Pieterjan Dendauw (UGent) , Thomas Goeman (UGent) , Dieter Claeys (UGent) , Koen De Turck (UGent) , Dieter Fiems (UGent) and Herwig Bruneel (UGent)
(2021) COMPUTERS & INDUSTRIAL ENGINEERING. 157.
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Abstract
Condition-based maintenance is a proactive maintenance strategy where the condition of machinery is monitored. A machine is preventively maintained when it shows signs of degradation, in which case the necessary spare parts are provided from stock. However, machines may occasionally suffer from sudden shocks, or they may fail before showing any signs of deterioration. Having stock-outs in case of failures leads to costly downtimes. To avoid such downtimes, we propose a condition-based critical level policy. In this policy, preventive maintenance can be carried out such that spare parts can be consumed when the stock level is not below the critical level. In order to assess the potential impact of this policy, we develop a conceptual model for which we establish a simple numerical procedure that allows to select the optimal base-stock and critical level thresholds. We compare the operational cost under the optimal critical level policy to that under the optimal base-stock policy. The results indicate that the proposed critical level policy can indeed reduce the operational cost significantly as compared to the base-stock policy.
Keywords
General Engineering, General Computer Science, Spare parts, Condition based maintenance, Critical level policy, Markov chain, CONDITION-BASED MAINTENANCE, REALIZING PRESCRIPTIVE MAINTENANCE, PREDICTIVE MAINTENANCE, MODEL, SYSTEMS, OPTIMIZATION, REPLACEMENT, PRIMA

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MLA
Dendauw, Pieterjan, et al. “Condition-Based Critical Level Policy for Spare Parts Inventory Management.” COMPUTERS & INDUSTRIAL ENGINEERING, vol. 157, 2021, doi:10.1016/j.cie.2021.107369.
APA
Dendauw, P., Goeman, T., Claeys, D., De Turck, K., Fiems, D., & Bruneel, H. (2021). Condition-based critical level policy for spare parts inventory management. COMPUTERS & INDUSTRIAL ENGINEERING, 157. https://doi.org/10.1016/j.cie.2021.107369
Chicago author-date
Dendauw, Pieterjan, Thomas Goeman, Dieter Claeys, Koen De Turck, Dieter Fiems, and Herwig Bruneel. 2021. “Condition-Based Critical Level Policy for Spare Parts Inventory Management.” COMPUTERS & INDUSTRIAL ENGINEERING 157. https://doi.org/10.1016/j.cie.2021.107369.
Chicago author-date (all authors)
Dendauw, Pieterjan, Thomas Goeman, Dieter Claeys, Koen De Turck, Dieter Fiems, and Herwig Bruneel. 2021. “Condition-Based Critical Level Policy for Spare Parts Inventory Management.” COMPUTERS & INDUSTRIAL ENGINEERING 157. doi:10.1016/j.cie.2021.107369.
Vancouver
1.
Dendauw P, Goeman T, Claeys D, De Turck K, Fiems D, Bruneel H. Condition-based critical level policy for spare parts inventory management. COMPUTERS & INDUSTRIAL ENGINEERING. 2021;157.
IEEE
[1]
P. Dendauw, T. Goeman, D. Claeys, K. De Turck, D. Fiems, and H. Bruneel, “Condition-based critical level policy for spare parts inventory management,” COMPUTERS & INDUSTRIAL ENGINEERING, vol. 157, 2021.
@article{8708783,
  abstract     = {{Condition-based maintenance is a proactive maintenance strategy where the condition of machinery is monitored. A machine is preventively maintained when it shows signs of degradation, in which case the necessary spare parts are provided from stock. However, machines may occasionally suffer from sudden shocks, or they may fail before showing any signs of deterioration. Having stock-outs in case of failures leads to costly downtimes. To avoid such downtimes, we propose a condition-based critical level policy. In this policy, preventive maintenance can be carried out such that spare parts can be consumed when the stock level is not below the critical level. In order to assess the potential impact of this policy, we develop a conceptual model for which we establish a simple numerical procedure that allows to select the optimal base-stock and critical level thresholds. We compare the operational cost under the optimal critical level policy to that under the optimal base-stock policy. The results indicate that the proposed critical level policy can indeed reduce the operational cost significantly as compared to the base-stock policy.}},
  articleno    = {{107369}},
  author       = {{Dendauw, Pieterjan and Goeman, Thomas and Claeys, Dieter and De Turck, Koen and Fiems, Dieter and Bruneel, Herwig}},
  issn         = {{0360-8352}},
  journal      = {{COMPUTERS & INDUSTRIAL ENGINEERING}},
  keywords     = {{General Engineering,General Computer Science,Spare parts,Condition based maintenance,Critical level policy,Markov chain,CONDITION-BASED MAINTENANCE,REALIZING PRESCRIPTIVE MAINTENANCE,PREDICTIVE MAINTENANCE,MODEL,SYSTEMS,OPTIMIZATION,REPLACEMENT,PRIMA}},
  language     = {{eng}},
  pages        = {{17}},
  title        = {{Condition-based critical level policy for spare parts inventory management}},
  url          = {{http://doi.org/10.1016/j.cie.2021.107369}},
  volume       = {{157}},
  year         = {{2021}},
}
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