Modeling on spare parts inventory control under condition based maintenance strategy

In order to optimize the spare parts inventory, we present a decision-making model under condition based maintenance policy for a single equipment system subjected to continuous and random deterioration. Firstly, a probability model of the spare parts support is established, according to the requirement of a predetermined probability of stockout. It can determine the optimal spare parts stock level. Secondly, the spare parts ordering decision is made according to the equipment deterioration level, and it can optimize the spare parts ordering. The objectives of this model are to minimize the spare parts inventory, and the expected total operating cost. Thirdly, a numerical example is given to illustrate this model. The results prove that the optimal preventive maintenance threshold obtained from the proposed model can satisfy the spare parts support requirements.