Exact formulation of (R,S) and (s-1,1) inventory policies with poisson demand: Application to spare parts stock optimisation

Spare parts management is a crucial stake for industries, as badly sized stocks may generate important losses, such as storing costs if a stock is oversized or unavailability if it's undersized. A stock may be characterized by its complete cost made of the spares costs, the stocking cost including storage and maintenance of the spares, and cost of the unavailability due to empty stock. This paper presents an analytical model that has been developed to evaluate mean indicators of stochastic spare parts stocks for non repairable and non ageing components, with periodic review and up to S order.