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

ORLANDO MAURICIO DURAN ACEVEDO, Arturo Carrasco, Paulo Sérgio Afonso, Paulo Andrés Durán

Research output: Contribution to journalConference articlepeer-review

3 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 languageEnglish
Pages (from-to)2243-2248
Number of pages6
JournalIFAC-PapersOnLine
Volume52
Issue number13
DOIs
StatePublished - Sep 2019
Externally publishedYes
Event9th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2019 - Berlin, Germany
Duration: 28 Aug 201930 Aug 2019

Keywords

  • Genetic Algorithms
  • Inventory Control
  • Optimization
  • Spare Parts Management

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