To optimize inventory
To ensure parts availability
One of the biggest challenges facing globalization
is development of maintenance strategy to meet corporate
goals while at same time reducing production costs.
Optimizing the resources that are dedicated to plant
maintenance is a significant and manageable segment
of production costs. Inventory reduction leads to production
down-time risk and over-stocking leads to excessive
inventory value. Reduction can be achieved by implementing
scientific inventory analysis techniques, which enables
a consistent risk based approach to highlight appropriate
inventory levels.
Risk is characterized as the product of probability
of a given failure event and the consequences of that
event. Spare part failure is an event and consequences
can be measured in terms of lost production time, physical
damages or causalities. Based on equipment failure scenario
and probability, spare parts of extreme and high critical
equipment will be subjected to the analysis in Risk
Spares Analyzer (RSA) to determine the parts availability.
Here ‘parts availability’ shall mean the
quantity of spare part that should be made available
on demand, to the maintenance end-user over a specified
period, in order to achieve the risk coverage level
(service level).
Features
RSA is driven by the method of consequence
analysis due to events. RSA calculates the part availability
for a specified period, using failure risk formula considering
the following parameters.
Risk, i.e., probability of
failure based on equipment / component failure rate
Time period - lead-time or annualized
Equipment or item criticality scores
Parts per change-out
The tool provides lead-time and annualized
part availability. The lead-time part availability of
the stock items along with safety levels shall be considered
as minimum stocking level. The annualized part availability
shall be considered for forecasted yearly value analysis.
RSA is a user-friendly analysis tool,
developed in MS-Access.
Objective
To determine the part availability
of critical equipment spares
To cover the stock-out risk for
parts of unpredictable demand
To improve service levels
Conclusion
The results obtained by this
analysis can be utilized by the Maintenance team to
relax on the assured part availability and the Materials
department to set optimum stock levels. In this age
of global competition, modern maintenance strategies
aimed at lowering production costs without adverse environmental,
safety and health impacts are critical. Assuring spare
parts availability plays a vital role in achieving this
goal (Risk coverage).
