Services requiring parts has become a $1.5 trillion business
annually worldwide, creating a tremendous incentive to manage the
logistics of these parts efficiently by making planning and
operational decisions in a rational and rigorous manner. This book
provides a broad overview of modeling approaches and solution
methodologies for addressing service parts inventory problems found
in high-powered technology and aerospace applications. The focus in
this work is on the management of high cost, low demand rate
service parts found in multi-echelon settings.
This unique book, with its breadth of topics and mathematical
treatment, begins by first demonstrating the optimality of an
order-up-to policy [or (s-1, s)] in certain environments. This
policy is used in the real world and studied throughout the text.
The fundamental mathematical building blocks for modeling and
solving applications of stochastic process and optimization
techniques to service parts management problems are summarized
extensively. A wide range of exact and approximate mathematical
models of multi-echelon systems is developed and used in practice
to estimate future inventory investment and part repair
requirements.
The text may be used in a variety of courses for first-year
graduate students or senior undergraduates, as well as for
practitioners, requiring only a background in stochastic processes
and optimization. It will serve as an excellent reference for key
mathematical concepts and a guide to modeling a variety of
multi-echelon service parts planning and operational problems.
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