Although theoretical models for slow-moving items are abundant in inventory literature since 1965. The downtime for such plant and machinery is prohibitively expensive.ħ Literature Review Most studies began in the last decade on the spare parts inventory management. Presently, the industries are going for capital intensive, mass production oriented and sophisticated technology. Spare parts Management plays an important role in achieving the desired plant availability at an optimum cost. Spare Parts Inventory Management Service parts management is the main component of a complete Strategic Service Management process that companies use to ensure that right spare parts and resources are at the right place (where the broken part is) at the right time. Thus, effective cost analysis can be an important tool to evaluate the effects of stock control decisions related to spare parts. Although this function is well understood by maintenance managers, many companies face the challenge of keeping in stock large inventories of spares with excessive associated holding and obsolescence costs. Why we use Spare Parts ? Spare parts are kept in stock to support maintenance operations and to protect against equipment failures. This category includes those products, which are complimentary to the main products produced for the purpose of sale. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting.ĥ Spare Parts Spare Parts Why we use Spare Parts ? Inventory management is required at different locations within a facility or within multiple locations of a supply chain network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. 5- Spare Parts.Ĥ Inventory Management Inventory management is primarily concerned about specifying the size and placement of stocked goods.
4- Goods for resale - returned goods that are salable. 3- Finished goods - goods ready for sale to customers. 2- Work in process, WIP - materials and components that have begun their transformation to finished goods. Spare Parts Management Literature Review Problem Statement Proposed Solution Methodology ABC Classification Demand Forecasting Inventory Costs Inventory Management Models Model Formation Results and discussion Conclusion Recommendation Limitationģ Introduction Inventory Inventory Types (accounting perspective)ġ- Raw materials - materials and components scheduled for use in making a product. Yahya SalehĢ Agenda Introduction Inventory Management Spare Parts An – Najah National University Faculty of Engineering Industrial Engineering Department SPARE PARTS INVENTORY MANAGEMENT Project Group Members: Aya Abu zant Haneen Saymeh Hisham Jaber Mahdi Attieh Supervised by: Dr.
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