Optimal Inventory Policy for Serviceable and Reparable Stocks

by E. S. Phelps

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An investigation of the structure of the optimal policy toward serviceable and reparable stocks of a spare part to be followed by a supplier. It is assumed that the supplier is confronted periodically with a random number of orders for serviceable parts and periodically has the opportunity to increase or decrease his stocks through the procurement or disposal of serviceables and the repair and disposal of reparables. This policy structure describes qualitatively the actions (procurement, repair, and disposal of serviceables and reparables) that should be taken for every initial state, namely, the state being described in terms of the serviceable and reparable stocks on hand.

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