An Ordering Policy for Repairable Stock Items

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Abstract
When a stock item fails, it is assumed to be repairable with a known positive probability less than one. In this case stock must be replenished on occasion with new supplies. An ordering policy of the familiar reorder point-order quantity type is considered, and expressions developed for expected shortages, inventory, and number of orders per unit of time. Because shortages within a replenishment cycle can decrease because of returns from repair, the derivation of expected shortages is of particular interest.

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