The Advanced Spare Parts Management Program covers all the issues faced during the spare parts inventory management lifecycle.
Completing this course equips you with the know-how and skills to effectively manage all aspects of spare parts inventory:
The course specifically focusses on MRO and spare parts that are held in support of equipment operations and maintenance.
You can study the modules in any order that you choose but you must complete all 8 quizzes to be awarded the certificate.
The pass mark for each quiz is set at 80%.
Quiz links are available on the page for each individual module.
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This module consists of 4 lessons.
Lesson 1: Introduction
Lesson 2: Collaboration
Lesson 3: Financial Considerations
Lesson 4: Key Consideration for Managing Your Inventory
Learning outcomes:
- 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
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This module consists of 4 lessons.
Lesson 1: Introduction
Lesson 2: Critical Spare Parts
Lesson 3: Deciding What to Stock
Lesson 4: Deciding How Many to Stock
Learning outcomes:
- 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.
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This module consists of 4 lessons.
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Lesson 1: What is Inventory Optimization?
- 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
Lesson 2: Three Ways to Optimize
Lesson 3: The Inventory Cash Release Process
Lesson 4: Other Optimization Techniques
Learning Outcomes:
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This module consists of 1 lesson.
Lesson 1: Spare Parts Management Best Practices
Learning outcomes:
- 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.
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This module consists of 4 lessons.
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
Learning outcomes:
- 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
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This module consists of 3 lessons.
Lesson 1: Introduction to Storeroom Management
Lesson 2: Physical Storeroom Management
Lesson 3: Obsolescence and Disposal
Learning outcomes:
- 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
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This module consists of 4 lessons.
Lesson 1: The Procedural Storeroom
Lesson 2: Spare Parts Identification and Cataloging
Lesson 3: Managing Inventory Accuracy
Lesson 4: Bar Coding
Learning outcomes:
- 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
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This module consists of 3 lessons.
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
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Advanced Spare Parts Management Course Training Support
If you have a question about anything relating to the content of the Advanced Spare Parts Management Course then you can use this form to email us your question. We will provide a prompt response guiding you to the right answer.
Online support provided by: Phillip Slater