We consider a spare parts stock point that serves an installed base of machines. Each machine contains the same critical component, whose degradation behavior is described by a Markov process. We consider condition based spare parts supply, and show that an optimal, condition based inventory policy is 20% more efficient on average than a standard, state-independent base stock policy. We further...

As the requirement of task is dynamical, the usage of equipment will change with time and it will result in the fluctuating demand for spare parts all over the time. In order to improve equipment performance, the users need to forecast equipment failure frequency and demand for spare parts within the task period. Demand in a moment of task period is the result of cumulative effect of the failur...

On the basis of analyzing the relationship between the equipment system and spare parts inventory, this paper proposes two-level equipment and spare parts system management based on the Theory of Constraints. From the system point of view and according to the Theory of Constraints, the manufacturing organization identifies bottleneck equipments in equipment system and makes the bottleneck equip...

The paper aims at proposing a criterion to optimize the initial level of spare parts inventory for a ship. Adequate stockholding of critical spare parts becomes essential in naval industry characterized by heavy utilization of equipment and machinery and by really specific operating conditions. Generic approaches are inadequate and specific ones result in analysis too shallow. An application fo...

Spare parts inventory management is one of the major areas of inventory research. Analysis of recent literature showed that an approach integrating spare parts classification, demand forecasting, and stock control policies is essential; however, adapting this integrated approach is limited. This work presents an integrated framework for spare part inventory management and an Excel based applica...