Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease

Purpose: The purpose of this work is to develop a mathematical model for simultaneously determining the optimal period of preventive maintenance actions and the optimal size of buffer stock for a production unit that is owned by a lessor and leased to a lessee under a lease contract. Design/methodol...

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Detalles Bibliográficos
Autores: Niyamosoth, Thanawath, Pathumnakul, Supachai
Tipo de recurso: artículo
Fecha de publicación:2018
País:España
Institución:Universitat Politècnica de Catalunya (UPC)
Repositorio:UPCommons. Portal del coneixement obert de la UPC
Idioma:inglés
OAI Identifier:oai:upcommons.upc.edu:2117/124424
Acceso en línea:https://hdl.handle.net/2117/124424
https://dx.doi.org/10.3926/jiem.2578
Access Level:acceso abierto
Palabra clave:Inventory control
Production management
Production
Inventory
Preventive maintenance
Safety stock
Buffer stock
Leased equipment
Lease contract
Gestió d'estocs
Producció -- Direcció i administració
Àrees temàtiques de la UPC::Economia i organització d'empreses
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spelling Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under LeaseNiyamosoth, ThanawathPathumnakul, SupachaiInventory controlProduction managementProductionInventoryPreventive maintenanceSafety stockBuffer stockLeased equipmentLease contractGestió d'estocsProducció -- Direcció i administracióÀrees temàtiques de la UPC::Economia i organització d'empresesPurpose: The purpose of this work is to develop a mathematical model for simultaneously determining the optimal period of preventive maintenance actions and the optimal size of buffer stock for a production unit that is owned by a lessor and leased to a lessee under a lease contract. Design/methodology/approach: A mathematical model is formulated and a numerical procedure is developed for finding the optimal period of preventive maintenance actions and the optimal size of buffer stock to minimize the total expected costs considering both a lessor and a lessee over a lease period. Findings: The proposed model gives better solutions than those where the maintenance cost to the lessor and the production inventory cost to the lessee are minimized separately. Originality/value: The joint determination of preventive maintenance and safety stock is a topic that has been extensively studied for decades. The majority of the models reported in the literature implicitly assume that the firm owns the production unit and maintenance actions are done in-house. However, equipment acquisition through leasing is a common practice nowadays. Normally, under a lease contract, the lessor who owns the equipment is responsible for maintenance services. This may lead to a conflict between the lessor and the lessee concerning the optimal choice of maintenance actions. To solve this conflict, we propose a joint determination of preventive maintenance and safety stock model for a production unit under a lease. The objective of our model is to simultaneously determine the optimal period of preventive maintenance actions that the lessor needs to perform and the optimal size of buffer stock the lessee needs to produce so that the total combined expected costs to both parties over the lease period are minimizedPeer ReviewedOmniaScience20182018-09-0120182018-11-15journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/2117/124424https://dx.doi.org/10.3926/jiem.2578reponame:UPCommons. Portal del coneixement obert de la UPCinstname:Universitat Politècnica de Catalunya (UPC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution-NonCommercial 3.0 Spainhttp://creativecommons.org/licenses/by-nc/3.0/es/info:eu-repo/semantics/openAccessoai:upcommons.upc.edu:2117/1244242026-05-27T15:37:01Z
dc.title.none.fl_str_mv Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
title Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
spellingShingle Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
Niyamosoth, Thanawath
Inventory control
Production management
Production
Inventory
Preventive maintenance
Safety stock
Buffer stock
Leased equipment
Lease contract
Gestió d'estocs
Producció -- Direcció i administració
Àrees temàtiques de la UPC::Economia i organització d'empreses
title_short Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
title_full Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
title_fullStr Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
title_full_unstemmed Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
title_sort Joint Determination of Preventive Maintenance and Buffer Stock for a Production Unit under Lease
dc.creator.none.fl_str_mv Niyamosoth, Thanawath
Pathumnakul, Supachai
author Niyamosoth, Thanawath
author_facet Niyamosoth, Thanawath
Pathumnakul, Supachai
author_role author
author2 Pathumnakul, Supachai
author2_role author
dc.subject.none.fl_str_mv Inventory control
Production management
Production
Inventory
Preventive maintenance
Safety stock
Buffer stock
Leased equipment
Lease contract
Gestió d'estocs
Producció -- Direcció i administració
Àrees temàtiques de la UPC::Economia i organització d'empreses
topic Inventory control
Production management
Production
Inventory
Preventive maintenance
Safety stock
Buffer stock
Leased equipment
Lease contract
Gestió d'estocs
Producció -- Direcció i administració
Àrees temàtiques de la UPC::Economia i organització d'empreses
description Purpose: The purpose of this work is to develop a mathematical model for simultaneously determining the optimal period of preventive maintenance actions and the optimal size of buffer stock for a production unit that is owned by a lessor and leased to a lessee under a lease contract. Design/methodology/approach: A mathematical model is formulated and a numerical procedure is developed for finding the optimal period of preventive maintenance actions and the optimal size of buffer stock to minimize the total expected costs considering both a lessor and a lessee over a lease period. Findings: The proposed model gives better solutions than those where the maintenance cost to the lessor and the production inventory cost to the lessee are minimized separately. Originality/value: The joint determination of preventive maintenance and safety stock is a topic that has been extensively studied for decades. The majority of the models reported in the literature implicitly assume that the firm owns the production unit and maintenance actions are done in-house. However, equipment acquisition through leasing is a common practice nowadays. Normally, under a lease contract, the lessor who owns the equipment is responsible for maintenance services. This may lead to a conflict between the lessor and the lessee concerning the optimal choice of maintenance actions. To solve this conflict, we propose a joint determination of preventive maintenance and safety stock model for a production unit under a lease. The objective of our model is to simultaneously determine the optimal period of preventive maintenance actions that the lessor needs to perform and the optimal size of buffer stock the lessee needs to produce so that the total combined expected costs to both parties over the lease period are minimized
publishDate 2018
dc.date.none.fl_str_mv 2018
2018-09-01
2018
2018-11-15
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/2117/124424
https://dx.doi.org/10.3926/jiem.2578
url https://hdl.handle.net/2117/124424
https://dx.doi.org/10.3926/jiem.2578
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 3.0 Spain
http://creativecommons.org/licenses/by-nc/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 3.0 Spain
http://creativecommons.org/licenses/by-nc/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv OmniaScience
publisher.none.fl_str_mv OmniaScience
dc.source.none.fl_str_mv reponame:UPCommons. Portal del coneixement obert de la UPC
instname:Universitat Politècnica de Catalunya (UPC)
instname_str Universitat Politècnica de Catalunya (UPC)
reponame_str UPCommons. Portal del coneixement obert de la UPC
collection UPCommons. Portal del coneixement obert de la UPC
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,300724

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