A Stochastic Model of a Repairable-Item Inventory System with Attrition and Random Lead Times

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Abstract

This paper examines an inventory model for a repairable-item inventory system with attrition. We allow for random demands and random lead times and, for a class of simple procurement policies, derive an exact expression for the stationary distribution of the on-hand inventory. Various measures of performance are determined, and an example is given. The model allows a variety of repair doctrines to be considered.