Course code: SP05
Delivery method: Self-paced, online
When does this course start?: On demand
Training Investment: Advanced Spare Parts Management Certificate
Your investment in this program is $499.00 per person
Online payment is accepted via credit card and PayPal.
For other enrollment options please visit our How to Enroll page.
Please note that this is course is also available for groups as an instructor-led program. Please contact us for more information.
After you enrol CLICK HERE to access the course content
I want to compliment Phillip Slater on the professionalism, ease of understanding and practicality of the modules. This website is of a world class standard and suitable for any industry in the world.
Ernie Thaver | Supply Demand Manager | Sasol Mining
The Advanced Spare Parts Management course covers all of the issues faced during the spare parts inventory management life-cycle.
Completing this course equips you with the know-how and skills to effectively manage all aspects of spare parts inventory:
1. Setting inventory levels
2. Identifying critical spares
3. Developing policies
4. Identifying and applying best practices
5. Achieving high levels of stock accuracy
6. Managing the storeroom
7. Implementing change
This course consists of 8 learning modules. The choice is yours whether you read one article during your lunch break or study a whole module intensively.
1. Introduction to Spare Parts Inventory Management (INT1)
Lesson 1: Introduction
Lesson 2: Collaboration
Lesson 3: Financial Considerations
Lesson 4: Key Consideration for Managing Your Inventory
- Why maintenance spare parts inventory is different from other types of inventory
- 5 common supply chain techniques that should not be used with maintenance spare parts inventory
- How maintenance, spare parts management, and procurement fit into the big picture
- The 5 key financial principles for spare parts management.
- How to identify and interpret the key financial reports associated with spare parts management
2. Critical Parts and Stock Level Decision Making (SDM1)
Lesson 1: Introduction
Lesson 2: Critical Spare Parts
Lesson 3: Deciding What to Stock
Lesson 4: Deciding How Many to Stock
- How to decide whether or not to stock an item in inventory
- How to select spare parts for new capital equipment (First-Time-Buy)
- How to identify and manage critical spare parts
- How to determine the most appropriate re-order point (ROP)
- How to determine the most appropriate re-order quantity (ROQ)
This course also includes decision-making exercises to test your know-how.
3. Spare Parts Inventory Optimization (OPT1)
Lesson 1: What is Inventory Optimization?
Lesson 2: Three Ways to Optimize
Lesson 3: The Inventory Cash Release Process
Lesson 4: Other Optimization Techniques
- The general principles of inventory optimization
- How to treat critical spare parts in an optimization program
- How to correctly analyze and segment spare parts inventory using the Pareto Principle
- How to apply the ICR® Process to optimize your spare parts inventory
- How and when to apply alternative inventory optimization techniques
4. Spare Parts Best Practices (SBP1)
Lesson 1: Spare Parts Management Best Practices
- The process we used to identify best practices.
- The best practices that are shown to make a genuine difference to spare parts inventory management outcomes.
5. Metrics, Reporting & Policies (MRP1)
Lesson 1: Metrics and Reporting
Lesson 2: Stock Turns and Inventory Management
Lesson 3: The Recommended Suite of Policies
Lesson 4: Policy Development and Implementation
- Identify the key elements of a spare parts management system
- Explain what policies are and why they are important
- Identify the suite of key spare parts management policies and understand what each policy should contain
- Identify the the key performance indicators required for effective spare parts inventory management
- Understand the impact of long supply chains and how to improve performance
- Explain the differences between single and multi-echelon systems and how this affects spare parts management
6. The Storeroom: Physical Management (SRM1)
Lesson 1: Introduction to Storeroom Management
Lesson 2: Physical Storeroom Management
Lesson 3: Obsolescence and Disposal
- The issues and potential responses for managing slow moving inventory
- The difference between vendor-led and owner-led obsolescence and the implications of each
- How to develop an End-Of-Life (EOL) plan and calculate Last-Time-Buy requirements
- Managing spare parts disposal and how to pro-actively manage spare parts obsolescence and disposal
- The 7 different disposal options and the benefits of each
- The pros and cons of storeroom location decisions
- The physical issues of storeroom management, including layout, storage issues, labelling, and work flow
- Understand how to manage rotable and repairable spares
7. The Storeroom: Procedural Management (SRM2)
Lesson 1: The Procedural Storeroom
Lesson 2: Spare Parts Identification and Cataloging
Lesson 3: Managing Inventory Accuracy
Lesson 4: Bar Coding
- The issues in developing a spare parts identification system
- The pros and cons of spare parts standardization
- How to improve results with high quality materials data
- The difference between Accounting Accuracy and Storeroom Accuracy and why it matters
- The factors that most directly affect spare parts inventory accuracy
- Planning for the three phases for conducting successful stock takes
- The actions required to achieve a 100% accurate inventory
- The practical application of bar codes
8. Program Implementation (PIE1)
Lesson 1: Pilot Programs
Lesson 2: The Optimization Trap
Lesson 3: Developing an Action Plan
Key Learning Objectives
- Why and how to use pilot programs to manage risk and roll out for spare parts management initiatives
- The failing of inventory review programs
- How to implement a program of spare parts inventory reduction
- Identifying who to involve in an inventory review program
- How to chose an inventory review champion
- How to integrate inventory reduction with your existing inventory management
* All course content is provided in the course modules online.
* This course does not give you access to our full library and other advisory features. If you are after more than the advanced certificate then we suggest that you review our Full Access and Support membership.
Phillip Slater’s online training program helped my team to better understand the complexities of spare parts management, the application of policies, and the importance of maintenance engagement.
We would recommend Phillip for anyone looking to expand their understanding and skills with spare parts management.
Askar Andirov & Sabit Trumov | Spare Parts Superintendents | Karachaganak Petroleum
What You Will Learn
- An amazingly simple and practical way to set inventory levels that can be used daily, by anyone.
- A simple and functional way to determine your ROPs and ROQs.
- A no-nonsense, proven way to identify and manage critical spare parts.
- The best way to manage the interactions between maintenance, the storeroom, and procurement.
- The spare parts management best practices that are vital for lasting success.
- An uncomplicated way to manage repairable spares.
- The 8 high-impact policies you must have and what they should contain.
- A step-by-step approach to optimize your inventory that achieves greater results than any other option (including software).
- The simplest way to ensure an accurate inventory.
- The most effective way to manage slow and obsolete spare parts.
And much more…
Who Is It For?
The Advanced Spare Parts Management course is designed for people engaged in spare parts inventory management decision-making. This includes managers, supervisors, storeroom personnel, procurement team leaders, planners, and maintenance personnel.
Course Time Commitment
As this course is self-paced, you can work through the content at a pace that suits you.
The course structure means that you can work through the content in ‘bite-sized’ chunks. The choice is yours whether you read one article during your lunch break or study a whole module intensively.
You have 6 months access to complete the course.
Coaching and Tutorial Support
Online course-related coaching and tutorial support is provided via our exclusive online coaching function.
Course Assessment: Advanced Spare Parts Management Certificate
Each module includes an online quiz. Successfully completing all of the online quizzes leads to the award of our Advanced Spare Parts Management Certificate. We set the ‘pass’ level for these quizzes at 80%.
Please note that the certificate will be forwarded to the registered email address within 7 days of completing the final quiz.
This course is endorsed by the Reliability and Maintainability Center
at the University of Tennessee, Knoxville.
Course completion can provide credit towards their Reliability and Maintainability Implementation Certificate Click here to learn more.