Our methodology takes into account equipment reliability, lead-time for spare parts, downtime cost and spare part costs in order to optimise the stock holding. The software can either be used to establish the stock holding which minimises the sum of holding cost and downtime cost or alternatively to decide what combination of spare parts with any given value, say £10m, will minimise the overall downtime risk. Different modelling techniques are used for consumable items, common plant spares and insurance spares. Our reliability modelling experience means that we can estimate likely demand for spare parts even when no actual usage data is available.
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