Spare Parts Optimisation

Learn to evaluate and optimise your spare parts management.

We offer this course as a basic skills course for spare parts stakeholders – including supply, maintenance and operations. We will show participants how all of these organisational elements must work together to establish the optimum spares strategy for a particular situation, as well as to continually review and improve that strategy.

Participants will gain an understanding of:

• The principles of spare parts optimisation in a maintenance repair and operating (MRO) environment
• Techniques for evaluating the factors that influence the spares holding decision
• Alternative solutions to large inventory

Effective application of these principles and techniques will simultaneously drive both reductions in inventory value and increases in inventory performance.

Key outcomes

By the end of this course, you will (at a minimum) be able to:

• State the value proposition for spare parts holdings with respect to the business goals
• Apply an equipment criticality process to identify critical spares
• Apply analysis techniques to identify candidates for inventory optimisation
• Estimate the key factors in a spares holding decision:
  • Demand for the spare, including from both preventive and corrective maintenance
  • The holding cost for the spare
  • The cost of a stock outage for the spare
  • The number of spares required to achieve an acceptable level of risk of an outage
• Identify alternative solutions to holding spares
• Describe the importance of a continuous improvement approach to spares holdings