M5 - Reducing Spare Parts Inventory 
This practical 2 day workshop covers aspects related to reducing costs of spare parts and is supported by case studies and practical exercises to aid understanding.
Contents
- Self Assessment against Best Practice
- Spare Parts set up, cataloguing tool, classification
- Introduction to Risk Management and Spares Management
- Inventory control strategies
- Should we stock, when to buy and how many to order
- Optimising stock - Technical Evaluation
- Repairable items
- Management reporting including KPIs
- Quality Management System for managing spare parts
- Advanced Analysis with Simulation Software
- Case studies and exercises
What you will learn
- How to prepare a spare parts manual
- How to select the right inventory policy for fast and slow moving parts
- How to estimate initial stocks
- How to select safety stocks scientifically
- How to determine how many to buy and whether to take advantage of discounts for bigger orders
- What are the strategies to minimise stock
- How to justify the financial case for high value spares
- How to measure inventory performance
- What can be done in-house and what can be done with specialist software
Who should attend?
The workshop is aimed at anyone responsible for the stocking and purchasing spare parts.
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