Abstract
Underage costs are not easily quantifiable in spare parts management. These costs occur when a spare part is required and none are available in inventory. This paper provides another approach to underage cost optimization for subassemblies and assemblies in aviation industry. The quantity of spare parts is determined by using a method for airplane spare parts forecasting based on Rayleigh's model. Based on that, the underage cost per unit is determined by using the Newsvendor model. Then, by implementing a transformed accelerated double-step size gradient method, the underage costs for spare sub-assemblies and assemblies in airline industry are optimized.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: The University Thought - Publication in Natural Sciences
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
