Inventory Models for Spare Parts Management: A Review

What is it about?

The spare parts inventory is a necessity to ensure the continuity of services. Unwanted service interruptions caused by failures can have serious consequences for human and financial levels. Analytical models begin to look to the random nature of inventory problems. Despite the existence of a wide variety of inventory management models, inventory management of spare parts is a major challenge for organizations. Some authors have integrated the principle of the risk of shortage in their different models based on probabilistic and graphical models.

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Why is it important?

This article is in the form of a literature review on models of spare parts management. In this article, we have presented first methods of identification and classification of parts, the approaches of estimation and identification of spare parts needs. Afterward, we have moved to probabilistic models for spare parts management, among these models, there are models that take aim minimize and master the risk of shortages.