Several approaches exist to model decision making under risk, where risk can be broadly defined as the effect of variability of random outcomes. One of the main approaches in the practice of decision making under risk uses mean-risk models; one such well-known is the classical Markowitz model,...

During the last two decades, many heuristic procedures for the joint replenishment problem have appeared in the literature. The only available optimal solution procedure was based on an enumerative approach and was computationally prohibitive. In this paper we present an alternative optimal...

In multi-echelon distribution systems it is usually assumed that demand is only satisfied from the lowest echelon. In this paper we will consider the case where demand can be satisfied from any level in the system. However, then the problem arises of how to allocate orders from customers to the...

A maintenance activity carried out on a technical system often involves a system-dependent set-up cost that is the same for all maintenance activities carried out on that system. Grouping activities thus saves costs since execution of a group of activities requires only one set-up. By now, there...

In this paper we verify the conditions under which the marginal cost approach of Berg (1980, 1995) holds. As observed by Aven and Dekker (1996) the validity of the marginal cost approach gives rise to a useful framework of single component maintenance optimization models which covers almost all...