Risk Based Optimisation of Spares Inventory Management
نویسندگان
چکیده
Spare parts inventories assist maintenance staff to keep equipment in operating condition. Thus the level of spares stocked has a direct bearing on machine availability. This paper presents an innovative risk based approach for spare parts inventory optimisation. Research presented here is in response to a real-life problem of developing a methodology for optimising the stocking of spare parts in the shipping sector. The trade-off involved here is the cost of stocking spare parts on the one hand and the cost of not meeting a demand for a part (stockout) on the other. The research has benefitted from access to some databases used in spares management, and discussions with Shell International Trading and Shipping Company Limited (STASCO) and Lloyd’s Register (LR) regarding practical issues involved in the management of an inventory of spare parts. Research presented in this paper is of value to industry where spares need to be stocked or supplies need to be ordered. In many of these situations, there is a requirement to prioritise the ordering within user specified constraints and, at times, with limited data to forecast demand. The model presented here provides an innovative and a practical risk based methodology to address such issues.
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