Spare Parts Forecasting and Management
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Even without considering crashes and other damage during its life, a car needs parts such as its engine oil, tires, and brake pads to be replaced or changed. Similarly, production systems have the same need for spare parts. Although a very relevant topic, spare parts management has rarely been studied. How many spare parts are there in the local warehouse of the company? How can future demand be forecast? This chapter deals with these questions, and presents several methodologies to support decision making on this theme.
KeywordsForecast Error Mean Absolute Percentage Error Spare Part Forecast Method Exponential Weighted Moving Average
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