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Economic Order Quantity Definition
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ABC Analysis Definition
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Ask Phill: Working with Maintenance to Identify Spare Parts Requirements
Without knowing the maturity of your decision making framework and policy settings I can’t give a specific response so here is the generic version. Working together, you and the maintenance team need to understand the maintenance requirements for the equipment and the spare parts implications of this. For example, what is the plan for preventive […]
Safety Stock Definition
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Obsolete Inventory: Your Risk is Greater Than You Think
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Excess Inventory: The Real Cost of NOT Reviewing Your Inventory
Excess inventory: What is the real cost of not reviewing your inventory management processes? That’s right I said the cost of NOT reviewing your inventory. Usually when people (me included) raise the topic of the cost of inventory we talk about the financing and management costs of holding inventory. However, with spare parts many people […]
Why Spare Parts Management Goals Are Not Achieved
Subject Area: Spare Parts Management Goals Not achieving your spare parts management goals must be just about the most frustrating experience you can have in your job. You work hard to deliver a project but the promised benefits are just not realized. In fact, recently, the highly regarded consulting group McKinsey & Co. released research […]
Who Should Run Your Spare Parts Storeroom?
[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=uY&webforms_id=14719202″ css=”on” center=”off” center_margin=”200″/] One question that I get asked a lot is: who should run the spare parts storeroom? The question is often asked out of frustration due to a perceived lack of service or frustration borne from overstocking. I suspect that the answer most people seek is that they should run the storeroom […]
Ask Phill: What are the Benefits of NATO Coding?
Q: What are the Benefits of NATO Coding? A: The benefits of using any standard coding system come from the standardization. This enables easier identification of items for procurement, design, exchange, disposal and so on. The specific economic advantages will be unique to your situation. You can read more on this at http://www.nato.int/structur/ac/135/ncs_guide/english/e_1-4-1.htm (use the […]