Developing a Spare Parts Demand Forecasting System

1 Introduction. Spare parts forecasting is a vital issue for high technology production companies aiming to achieve high customer satisfaction. In this paper, a spare parts demand-forecasting problem is addressed, dealing with the Spare Parts Planning and Procurement (SPPP) Department of a company producing high technology products …

Spare Parts Classification and Categorization: Best

Different methods and tools exist for spare parts classification and categorization, depending on the needs and objectives of a specific plant. ABC analysis, for example, divides spare parts into ...

Guide to Spare Parts Inventory Management and Digital

In this guide, we highlight the best practices for spare parts inventory management, compare physical spare part inventory with digital warehousing, and explain how you …

Spare Parts Inventory Classification Using Neutrosophic …

The classification method is built on the basis of SIX dimensions, resulting in 12 different classes of spare parts, for which differentiated forecasting and inventory policies are proposed and ...

Multi-criteria Classification for Spare Parts

The method is based on the analysis of the demand patterns and leads to a different kind of classification, that is focused on the moving rates of spare parts [6]. The qualitative methods normally used for spare parts classification are based in rough judgement or in scoring methods [6].

How to Manage Your Spare Parts Successfully

Don't hang belts on a peg or nail, lay them down. Rotate large motors shafts 1-1/4 turns every 3-6 months. Use a first-in, first-out approach with stock. Bearings have a shelf life of 5-8 years (after that …

Criticality analysis of spare parts management: a multi …

However, a disadvantage is the high subjectivity that is included through pairwise comparisons by experts. Gajpal et al. combine the AHP with the VED analysis at a major Indian producer; Sharaf and Helmy use the AHP as a classification method for spare parts in a hospital. In an industrial project with BASF Antwerp, Molenaers et al. develop …

A Simple Guide to Spare Parts Management

Developing clear criteria to aid, categorize, and define spares (marking parts with terms like "critical" can help in parts inventory prioritization). Periodically reviewing all spare parts based on the time …

Spare Parts Demand Prediction by Using a Random Forest …

Abstract. Spare parts forecasting, in general, is a complex task, due to its intermittent and erratic demand patterns. Furthermore, the underlying reason for the demand is usually not considered since most forecasting methods are based on demand history, merely. Spare parts demand is dependent on the need for replacement of …

Spare parts inventory classification using Neutrosophic …

With the Neutrosophic Fuzzy EDAS Method, an MCDM technique, the spare parts of an air transportation company in the aviation industry are classified in this section. It is imperative to manage spare parts, which are very critical in the industry. First, the spare parts are listed according to their importance level using the appropriate …

Guide to Spare Parts Inventory Management and Digital

Setting up a digital spare parts inventory is a cost-effective way to reduce inventory management costs. Pairing this system with an in-house digital fabrication tool like 3D supports on-demand strategies, and enables manufacturers to reduce costs and lead times, improve resiliency, and reduce downtime.

(PDF) Multi‐attribute classification method for …

However, the possession of spare parts in stock for ready availability (when necessary) may entail, in the case of expensive and rarely used parts, high inventory retention costs. In this work, an approach is …

Spare Parts Management | Milliken

The spare parts management process is critical in all manufacturing industries whether it is heavy industry, process, or assembly. Milliken recognizes that optimization of these processes has never been more critical with the move to automation and robotics as part of Industry 4.0. Within the Milliken Performance System (MPS), the PM pillar is ...

Spare Parts Inventory Management: A Literature Review

Spare parts are held as inventory to support product maintenance in order to reduce downtime and extend the lifetime of products. Recently, spare parts inventory management has been attracting more attention due to the "right-to-repair" movement which requires that manufacturers provide sufficient spare parts throughout the life-cyle …

A compound-Poisson Bayesian approach for spare parts …

Spare parts are often associated with intermittent demand patterns that render their forecasting a challenging task. Forecasting of spare parts demand has been researched through both parametric and non-parametric approaches. ... The CPB method results in the highest achieved CSL whereas the PGB method is associated with slightly …

7 Tips for Effective Spare Parts Management | Honeywell

In a recent webinar, Seven Best Practices to Effective Spare Parts Management, we discussed several tips that can help to keep these critical items available and easily located — for routine maintenance, as well as for troubleshooting and …

3 Tips to Optimize Your Spare Parts Inventory Control System

These methods are related to the Pareto principle, or "80/20 rule": In the context of spare parts, it generally holds true that 80 percent of repairs are completed using just 20 percent of the available spare parts. How to Perform ABC Analysis. ABC analysis involves reviewing inventory items, then labeling them with an A, B or C:

Entropy | Free Full-Text | Spare Parts Demand …

The demand for complex equipment aftermarket parts is mostly sporadic, showing typical intermittent characteristics as a whole, resulting in the evolution law of a single demand series having …

Spare Parts Control System: 11 Inventory …

1. Consolidate All Spare Parts Inventory in One Location. Having scattered spare parts is inefficient. A better option is to place all of them in a centralized warehouse, and then have a spares inventory …

3D online measurement of spare parts with variable speed …

The surface profile of a spare parts with a variable speed is measured by a line-scan image system. The experimental system is combined with a line-scan CCD camera, a projector, a translation stage, a speed coder and a personal computer. ... The classical fringe skeletoning method and Fourier transform method are used to evaluate …

A lifetime estimation method for multi-component

Simulation results when the parameters are set as μ op = 10, σ op = 10, μ st = 2, σ st = 2, ω = 1000 with different number of spare parts under unit-by-unit replacement policy and batch-by-batch replacement policy are shown respectively in Fig. 2, Fig. 3, where the calculated PDFs are plotted as red solid curves.It is observed from Fig. 2, Fig. 3 that, …

Models of spare parts inventories' optimisation: a literature review

This research paper provides a critical literature review on spare parts inventories. The first and second part is dedicated to the examination of the methods and the modifications proposed by the ...

A Demand Forecast Method for Expressway Spare Parts …

A combination forecasting method based on SVM and neural network for urban rail vehicle spare parts demand is proposed to accurately forecast the demand of urban rail vehicles spare parts and shows that spare parts consumption is forecasted by combination forecasting model agree with the actual spare part consumption.

What is Spare Parts Management? | g3p consulting

Spare Parts Management purpose is to provide "the right parts, in the right quantity, to the right place, at the right time, with the right level of quality, and at the least total cost to the organization". Effective management of maintenance spare parts is a critical contributor to equipment operating performance and to the cost of the ...

Spare Part Inventory Management Best Practices

Spare parts inventory is a stock of components kept on hand to repair or replace failed or broken elements in a production system, equipment, or machine. Spare parts management involves controlling and organizing …

How to Optimize Spare Parts Inventory Management | Nest …

October 17, 2023. Management teams don't often consider spare parts inventory management to be a priority when looking for efficient ways to manage their facilities. …

(PDF) An Improved Method for Forecasting Spare Parts Demand using

inferior forecasting method leads to an additional investment of 13.6% of the total v alue of the. inven tory. Unfortunately, estimating the lead time demand distribution is especially difficult ...

Assessment of Criticality of Spare Parts Using the Method …

Useful element in the process of inventory control of spare parts is the information if spare parts is critical from the standpoint of the production process, so whether it is necessary to keep it in stock. This decision …

8 Best Practices for Managing Spare Parts Inventory

Common forecasting methods that work well for finished goods are often ineffective when applied to spare parts, as demand for spare parts and materials is often highly intermittent and erratic. This makes forecasting spare parts difficult. Our Software delivers a cloud inventory platform that automates forecasting while applying advanced ...

Artificial Intelligence Methods in Spare Parts Demand …

More than 40% of service agencies reported that spare parts management is the biggest obstacle to improvement in warranty plans (Callegaro Forecasting Method for Spare Part Demand, University of ...

Research on the Method of Spare Parts Ordering Point …

An optimization method based on residual life prediction is proposed considering both residual life and the lead time considering the desired reliability threshold as optimization variables and the best spare parts ordering point is obtained. Aiming at the ordering problem of the key spare parts whose life is consistent with Weibull …

A Classification Method of Inventory Spare Parts Based on …

Based on the analysis of commonly used inventory spare parts classification methods, this paper proposes an improved ABC classification method based on super efficient DEA. It integrates the input-output efficiency of super efficient DEA into the supply chain of spare parts procurement and outbound use. In the process, the Delphi method …

The Lean Approach to Spare Parts Management

A look at lean methodologies. Gathering data about inventoried parts and their usage paves the way for understanding how to improve management. A few of the simplest lean-inspired practices to adopt include: ABC …

Spare Part Inventory Management Best Practices

March 9, 2023. Spare parts inventory is a stock of components kept on hand to repair or replace failed or broken elements in a production system, equipment, or machine. Spare parts management involves controlling …

Optimization Method of Equipment Spare Parts Based on …

Combined with the engineering requirements of the current equipment spare parts optimization, an optimization method of equipment spare parts based on Monte Carlo simulations is proposed. The spare parts support model of the equipment was constructed using a Monte Carlo simulation analysis, and the operational availability and the spare …

9 Tips for Managing and Optimizing Spare Parts Inventory

7 Tips for effective spare parts management

1. Implement a preventive strategy. Many organizations operate within a reactive strategy, where they react after the equipment has failed, but this can be problematic when you …