Effective Spare Part Management
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Upon completion of this program, participants will be able to:
- Describe the savings that can be made from implementing an effective and economic spare parts stores system using both manual and computer systems.
- Show the techniques which can be used in order to identify, control and coordinate the spare parts requirements on a daily and long-term basis.
- Discuss the requirements for making economical choices for which special strategic/critical spares should be held, and options for how they may be managed
- Understand the latest technique and methods in managing inventory to reduce and eliminate inventory obsolesces.
The management of spare parts and other materials needed for realization of the maintenance process is one of the key functions in physical asset management. Especially, for example, in the military and large public property ownership, power generation, chemical, motor and petrochemical industries, spare parts inventories can soon add up to tens of thousands of various items in a value of hundreds of millions RM. It is obvious that efficient spare parts inventory management can bring significant economies in operational costs. This workshop describes with examples how those economies can be made.
This program is suitable for Managers, Executives, Officers, Team/Line Leaders and Supervisors
This is a highly interactive training program, whereby participants are to gain the learning points through experiential activities
- Spare Parts Against Typical SKU’s
- Factors And Variables Affecting Spare Parts.
- Stage 1 – Criticality, Demand And Supply Characteristics
- Stage 2 – Segmentation/ Clusters
- Stage 3 – Forecasting And Safety / Buffer Stock
- Planned Maintenance And Unplanned Maintenance
- Standard Planned
- Predictive Proactive
- Deferred Corrective
- Unplanned – Corrective (Repair)
- Spare Need Identification
- Request For Order
- RFO Approval
- Service Level Against Lock-In Capital
- ABC Analysis – On Hand Inventory
- ABC Analysis – Consumed Quantity
- Spare Part Inventory Segmentation – Consumption Quantity In Quantity
- Spare Part Inventory Segmentation – Consumption Quantity In Value
- Cost Of Inventory Holding
- Lead Time And Other Parameters
- Failure Probability
- Impact Of Spare Parts Unavailability
- Quantitative Method Against Common Sense
- Visualization Of Time Series
- Calculation Of Forecast
- Calculation Of Accuracy
- Selection Of The Best Method
- What Is Intermittent Demand Items
- Bootstrapping – Random Sampling From The History Of Consumption.
- Consider The Whole Life Cycle Of Your Assets/Equipment.
- Bermuda Triangle Of Asset Management – Procurement, Installation And Maintenance
- Forecast Accuracy And Reliability
- Qualitative Method
- Safety Stock
- Reorder Point