Multi-criteria Decision Model for Spare Parts Stocking for Manufacturing Industries
BoK Content Type:
Presentation Slides
Video
Presentation Paper
BoK Content Source:
MainTrain 2022
Original date:
Friday, April 22, 2022
Reliability and Maintenance (R&M) teams at manufacturing facilities employ different maintenance strategies on their physical assets to achieve the desired reliability and maximize the availability of the assets. Most of the production downtime in manufacturing facilities is because of unexpected (or) random failures of equipment and the associated reactive maintenance work. One of the factors that affects the total time to fix failed equipment is spare parts availability. The increasing complexity to minimize production downtime with aging assets demands problem-specific decision models. In this study, a multi-criteria decision model is proposed to assist the R&M stakeholders at manufacturing facilities in making decisions on stocking the right parts. The proposed model will help facilities to stock the spare parts required to maintain the system with-in acceptable and manageable risk. Two case studies from a pulp mill will be presented to demonstrate the use of the proposed decision model. The first case study deals with “Pulp Machine Process Area” with historical data on equipment failures and spare parts usage while the second one focuses on a newly commissioned plant without failure information. The proposed decision model helped to identify the right parts to stock and minimized the risk and inventory costs in both cases.