Reliability Based Spare Parts Forecasting and Procurement Strategies

Spare parts procurement strategies based on the maintenance engineering techniques of reliability engineering are merged with materials management discipline to provide a practical method to manage and control spare parts for industry. The well-known techniques of reliability engineering are used to determine failure rates for equipment and related parts. Then this information from the maintenance discipline is linked to the data of the materials management discipline. The results of this work will provide a scientific method of spare parts forecasting based on reliability of the parts, and more rational inventory management and procurement strategies with a minimum risk of stock out. As a consequence overstocking can be eliminated, and spare parts management can be streamlined on a rationale basis.