Optimal age-replacement policy of a system subject to shocks with random lead-time.
Shey-Huei SheuYu-Hung ChienPublished in: Eur. J. Oper. Res. (2004)
Keyphrases
- poisson process
- replacement policy
- lead time
- supply chain
- arrival rate
- single item
- service level
- inventory systems
- inventory control
- single product
- periodic review
- holding cost
- lot size
- expected profit
- stochastic demand
- lot sizing
- setup cost
- single stage
- dynamic programming
- stochastic lead times
- planning horizon
- random variables
- infinite horizon
- gaussian process
- multistage
- information extraction