Evolutionary optimization of spare parts inventory policies: A life cycle costing perspective

Orlando Durán; Arturo Carrasco; Paulo Sérgio Afonso; Paulo Andrés Durán

doi:10.1016/j.ifacol.2019.11.539

Evolutionary optimization of spare parts inventory policies: A life cycle costing perspective

Orlando Durán, Arturo Carrasco, Paulo Sérgio Afonso, Paulo Andrés Durán

SCHOOL OF MECHANICAL ENGINEERING

Research output: Contribution to journal › Conference article › peer-review

6 Scopus citations

Abstract

This paper proposes the development of an optimization model for spare parts management during the life cycle of a physical asset. The main characteristic of the proposed model is that it is based on the principles of Activity Based Costing (ABC). The aim of this model is to allow decision makers to perform an optimal inventory policy and the correspondent parameter definitions for a series of spare parts. The model is optimized through the use of a Genetic Algorithm. A hypothetical case study is presented and discussed.

Original language	English
Pages (from-to)	2243-2248
Number of pages	6
Journal	IFAC-PapersOnLine
Volume	52
Issue number	13
DOIs	https://doi.org/10.1016/j.ifacol.2019.11.539
State	Published - Sep 2019
Event	9th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2019 - Berlin, Germany Duration: 28 Aug 2019 → 30 Aug 2019

Keywords

Genetic Algorithms
Inventory Control
Optimization
Spare Parts Management

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10.1016/j.ifacol.2019.11.539

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title = "Evolutionary optimization of spare parts inventory policies: A life cycle costing perspective",

abstract = "This paper proposes the development of an optimization model for spare parts management during the life cycle of a physical asset. The main characteristic of the proposed model is that it is based on the principles of Activity Based Costing (ABC). The aim of this model is to allow decision makers to perform an optimal inventory policy and the correspondent parameter definitions for a series of spare parts. The model is optimized through the use of a Genetic Algorithm. A hypothetical case study is presented and discussed.",

keywords = "Genetic Algorithms, Inventory Control, Optimization, Spare Parts Management",

author = "Orlando Dur{\'a}n and Arturo Carrasco and Afonso, {Paulo S{\'e}rgio} and Dur{\'a}n, {Paulo Andr{\'e}s}",

note = "Publisher Copyright: {\textcopyright} 2019, IFAC (International Federation of Automatic Control) Hosting by Elsevier Ltd. All rights reserved. Copyright: Copyright 2020 Elsevier B.V., All rights reserved.; 9th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2019 ; Conference date: 28-08-2019 Through 30-08-2019",

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T2 - 9th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2019

AU - Durán, Orlando

AU - Carrasco, Arturo

AU - Afonso, Paulo Sérgio

AU - Durán, Paulo Andrés

PY - 2019/9

Y1 - 2019/9

N2 - This paper proposes the development of an optimization model for spare parts management during the life cycle of a physical asset. The main characteristic of the proposed model is that it is based on the principles of Activity Based Costing (ABC). The aim of this model is to allow decision makers to perform an optimal inventory policy and the correspondent parameter definitions for a series of spare parts. The model is optimized through the use of a Genetic Algorithm. A hypothetical case study is presented and discussed.

AB - This paper proposes the development of an optimization model for spare parts management during the life cycle of a physical asset. The main characteristic of the proposed model is that it is based on the principles of Activity Based Costing (ABC). The aim of this model is to allow decision makers to perform an optimal inventory policy and the correspondent parameter definitions for a series of spare parts. The model is optimized through the use of a Genetic Algorithm. A hypothetical case study is presented and discussed.

KW - Genetic Algorithms

KW - Inventory Control

KW - Optimization

KW - Spare Parts Management

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U2 - 10.1016/j.ifacol.2019.11.539

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M3 - Conference article

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JF - IFAC-PapersOnLine

IS - 13

Y2 - 28 August 2019 through 30 August 2019

ER -

Evolutionary optimization of spare parts inventory policies: A life cycle costing perspective

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Keywords

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