Title: Inventory models for fast moving spare parts subject to "sudden death" obsolescence
Authors: Cobbaert, K
Van Oudheusden, Dirk #
Issue Date: Jul-1996
Publisher: Elsevier Science BV
Series Title: International Journal of Production Economics vol:44 issue:3 pages:239-248
Abstract: Simple inventory models are developed for fast moving spare parts subject to the risk of unexpected, immediate obsolescence. The approach does not require a precise knowledge of the probability distribution of the moment of obsolescence, as is the case for models discussed in the literature. A rough estimate of the obsolescence risk for the next order cycle is sufficient.

The models can be seen as extensions of the EOQ-formula. Following cases are studied:

1. 1. Constant obsolescence risk; no shortages allowed
2. 2. Varying obsolescence risk; no shortages allowed
3. 3. Varying obsolescence risk; shortages allowed

It appears that the models are practicable and, in the proper circumstances, lead to a substantial reduction of cost.
ISSN: 0925-5273
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Centre for Industrial Management / Traffic & Infrastructure
# (joint) last author

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