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Spare parts inventory is a difficult problem, including the supply chain elements of maintaining inventories of numerous spare parts. In today's global economy, spare parts are never next door, but can be across hemispheres. In addition to distance, the sheer volume of spare parts that are required to keep complex systems operational is huge -- systems like the military, transportation, and industrial businesses include an immense number of separate parts many of which are worn out through use over time. Added to these complexities are the stochastic problems associated with budget...

Spare parts inventory is a difficult problem, including the supply chain elements of maintaining inventories of numerous spare parts. In today's global economy, spare parts are never next door, but can be across hemispheres. In addition to distance, the sheer volume of spare parts that are required to keep complex systems operational is huge -- systems like the military, transportation, and industrial businesses include an immense number of separate parts many of which are worn out through use over time. Added to these complexities are the stochastic problems associated with budget...