The reality is that the classic inventory management theory does not provide realistic answers for determining the Reorder Point (ROP) and Reorder Quantity (ROQ) for spare parts inventory. To effectively manage spare parts inventory, it is important to understand why the classic inventory management theory doesn’t work. This will stop
Four Common Techniques to NOT Use With Spare Parts Inventory
An important part of any strategy, including your spare parts inventory management strategy, is to know what not to do. By understanding which inventory management techniques you should not apply to your spare parts management (and why) you might just save your company a bundle of money (and yourself a
The Long Chain of Spare Parts Management Events
Discover the 8 Proven Strategies to Achieve Your Spare Parts Inventory Management Goals
In this on-demand webinar, I’ll share with you the insights, tools, and techniques that I’ve honed over decades of experience in spare parts inventory management. As a young engineer, I faced the same
The Biases That Have the Greatest Effect on Your Spare Parts Inventory
Subject Area: spare parts inventory bias Recently, in a series of unconnected conversations, I was struck by how each speaker focused on some specific aspect of spare parts management that, to them, indicated how well (or poorly) they were doing in this area. For example, viewing a single event (such
The Top 5 Spare Parts Management Mistakes
Subject Area: spare parts management mistakes Spare parts management is a crucial aspect of any organization that relies on machinery or equipment to operate. However, many organizations make mistakes when managing their spare parts inventory, which lead to increased costs, reduced efficiency, and even unnecessary downtime. In this article, I
Will Artificial Intelligence End My Career?
Subject Area: Artificial Intelligence ChatGPT was released for public access in November 2022 and since then reports and updates have been constantly in the media. Depending on your perspective this has led to either alarm or excitement. In the world of schooling and academia there appears to be alarm, as
Spare Parts Management Habits – Are They Limiting Your Results?
Subject Area: Spare Parts Management Habits
Are You Stuck in the Vicious Cycle of Capital Management?
What is the focus of your spare parts management – capital management or inventory management? Are you stuck in the vicious cycle of capital management with your spare parts inventory? This video discusses the results of a recent poll and the implications of the choices that people
Know When to Quit Spare Parts Initiatives
Subject Area: Know When to Quit Spare Parts Initiatives Quitting is hard. Am I right? I don’t mean quitting smoking (which is hard) or quitting fried food (even harder!). I mean quitting something that you have worked on, even believed in. I am talking about quitting on a project or