Best Practices for
Spare Parts Management
What constitutes best practice for spare parts forecasting and inventory management?
It all starts with how you plan for intermittent demand that is prevalent on the vast majority of parts. Intermittent demand is defined as random demand with a large proportion of zero or low volume values interspersed with large spikes in demand. Intermittently demand and variable lead times are facts of life for asset-intensive industries yet most organizations struggle to cope contending with large amounts of excess inventory and part shortages that cause expensive downtime and violations of service level agreements.
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