COMPUTERS & INDUSTRIAL ENGINEERING, cilt.129, ss.239-250, 2019 (SCI-Expanded)
In this study, we consider the joint problem of preventive replacement and spare parts inventory planning. We present an exact dynamic programming formulation to minimize the total expected cost over a finite planning horizon. As it is not possible to represent the optimal solution by a well-defined and practical policy, and the dynamic programming recursion is time-consuming to apply, we propose three heuristic approaches that are easy to understand and to implement in practice: (i) Steady-State Approximation, (ii) Stationary Policy and (iii) Myopic Approach. Through computational analyses, we investigate the effects of the model parameters on the performances of the proposed heuristics.