Spare Parts Inventory Control based on Maintenance Planning

Sha Zhu, Willem van Jaarsveld and Rommert Dekker

No EI2019-02, Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute

Abstract: For many maintenance organizations, on-condition maintenance tasks are the most important source of spare part demand. An uneven distribution of maintenance tasks over time is an important cause for intermittency in spare parts demand, and this intermittency complicates spare parts inventory control severely. In an attempt to partially overcome these complications, we propose to use the maintenance plan, i.e. the planned maintenance tasks, as a source of advance demand information. We propose a simple forecasting mechanism to estimate the spare part demand distribution based on the maintenance plan, and develop a dynamic inventory control method based on these forecasts. The value of this approach is benchmarked against state-of-the art time series forecast methods, using data from two large maintenance organizations. We find that the proposed method can yield cost savings of 23 to 51% compared to the traditional methods.

Keywords: Spare parts forecasting; spare parts inventory control; maintenance planning (search for similar items in EconPapers)
Pages: 24
Date: 2019-01-21
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://repub.eur.nl/pub/114791/EI2019-02.pdf (application/pdf)

Related works:
Journal Article: Spare parts inventory control based on maintenance planning (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ems:eureir:114791

Access Statistics for this paper

More papers in Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute Contact information at EDIRC.
Bibliographic data for series maintained by RePub ( this e-mail address is bad, please contact ).