Spare parts inventory: A study on item classification, demand, and forecasting methods

Abstract

Spare parts inventory management is complex and involves a large amount of materials, which makes it difficult to manage. The way an organization manages its spare parts replacement is directly related to the proper functioning of the machines and equipment essential for the operation of production. Classifying the demand of items in stock is of paramount importance for a better understanding of the needs for purchasing spare parts, thus having a means of avoiding shortages and consequent production stoppages. The present work discusses the relationship between demand classification and demand forecasting methods to propose a method for inventory management of maintenance items to be used by companies that wish to improve their replenishment process, avoiding lack of parts and loss of capital due to excessive purchases or obsolescence.

DOI:https://doi.org/10.56238/sevenIVmulti2023-015