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(More customer reviews)Excerpted from the original Logistics Spectrum review by Dr. Jezdimir Knesevic, 1993
The book is written for the logistician who is concerned with the achievement of the required operational availability of systems, and whose main objective and responsibility is to make decisions related to inventory items, item location and investment in spares. The optimization methodology developed considers trade-offs between stock at the operating locations and supporting depots (also called the multi-echelon problems), and between stock levels for an item and its sub-items (also called the multi-indenture problems). All models developed are on an analytical nature, which provides the decision-maker with an efficient tool for the determination of optimal stockage policies.
The philosophical concepts of the book are addressed in Chapter 1, followed by the corresponding mathematical techniques in Chapter 2. Chapter 3 covers the mathematics related to the joint optimization of stock levels at operating and stockage/supporting bases. The estimation of demand rates that do not stay constant is considered in Chapter 4, where the negative binomial is used as a model, together with models that are based on the Poisson distribution (variance-to-mean ratios equal to one). The mathematics for a multi-echelon, multi-indenture optimization are developed in Chapter 5. The problem concerning periodic resupply for repairable items is addressed in Chapters 6 and 7. The associated concept is subsequently illustrated through an example application related to the Space Station Freedom. The main subject of Chapter 8 is the cannibalization problem and the associated mathematics. The last chapter, Chapter 9, of the textbook is dedicated to practical real-world problems relating to modeling and application of models, where both advantages and disadvantages are analyzed.
Undoubtedly, a book of of such great integrity deserves a place on the shelf or any person, library, or organization whose interests lie in the domain of inventory theory and its application to complex systems.
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Most books on inventory theory use the item approach to determine stock levels, ignoring the impact of unit cost, echelon location, and hardware indenture. Optimal Inventory Modeling of Systems is the first book to take the system approach to inventory modeling. The result has been dramatic reductions in the resources to operate many systems - fleets of aircraft, ships, telecommunications networks, electric utilities, and the space station.Although only four chapters and appendices are totally new in this edition, extensive revisions have been made in all chapters, adding numerous worked-out examples. Many new applications have been added including commercial airlines, experience gained during Desert Storm, and adoption of the Windows interface as a standard for personal computer models.
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