Models and Algorithms for Repair Parts Investment and Management

by James S. Hodges

Download

Download eBook for Free

FormatFile SizeNotes
PDF file 2.8 MB

Use Adobe Acrobat Reader version 10 or higher for the best experience.

Purchase

Purchase Print Copy

 FormatList Price Price
Add to Cart Paperback68 pages $9.00 $7.20 20% Web Discount

This report proposes a way to think about the investments and operating decisions service maintenance depots must make, distinguishing between a long-run (investment) problem and a short-run (operating) problem. The basis of the authors' approach to both problems involves defining the value of each part or supply action so the costs of parts or supply actions can be related to their effects, thereby permitting managers to select courses of action that maximize value given the cost of the actions. For the long-term problem, the approach attributes value to the units of authorized stock in terms of the effect they have on the value of the repair pipeline: efficient choices yield a cheap repair pipeline. For the short-run problem, the approach attributes value to supply actions (e.g., speedup of delivery of due-in items) in terms of the effect they have on the availability of aircraft at the end of a specific time horizon. For each problem, the authors provide the relevant definition of value, an algorithm to maximize value for a given cost, and methods for computing value.

Research conducted by

This report is part of the RAND Corporation Monograph report series. The monograph/report was a product of the RAND Corporation from 1993 to 2003. RAND monograph/reports presented major research findings that addressed the challenges facing the public and private sectors. They included executive summaries, technical documentation, and synthesis pieces.

This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited; linking directly to this product page is encouraged. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial purposes. For information on reprint and reuse permissions, please visit www.rand.org/pubs/permissions.

The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.