Synopses & Reviews
Synopsis
With the pressure of time-based competition increasing, and customers demanding faster service, the availability of service parts becomes a critical component of manufacturing and servicing operations. Potentially, the aftermarket service industry may account for 25% of a manufacturer s annual revenue. On the other hand, keeping too many of such spare parts increases operational costs and eats up the bottom line. The challenge is the erratic demand patterns of service parts. Demand commonly is intermittent with some time periods having no demand at all. Forecasting for intermittent demand itself has long been recognized, in the academic literature, as a very difficult business task. It is not only the variability of the demand size but also the variability of the demand pattern that makes intermittent demand so difficult to forecast. Hence management of service parts is a significant organizational problem. Therefore, small improvements in a company s system, regarding service parts, may be translated to substantial cost savings.
Service Parts Management provides an overview and detailed treatment of the current state of the research available on the forecasting and inventory management of items with intermittent demand. The book is divided into two parts, one for demand forecasting and one for inventory control. Demand forecasting techniques are presented for parametric and nonparametric approaches. Error measures, distributional assumptions, and the effects of correlation are all examined in the forecasting context while inventory control is examined in the continuous and periodic review cases. Multi echelon cases and inventory pooling are also considered.
An excellent reference for key concepts and a leading resource for further research, Service Parts Management guides researchers and practitioners in finding better management solutions to their problems."
Synopsis
1. Intermittent Demand: Estimation and Statistical Properties.- 2. Distributional Assumptions for Parametric Forecasting of Intermittent Demand.- 3. Decision Trees for Forecasting Trended Demand.- 4. The Impact of Aggregation Level on Lumpy Demand Management.- 5. Bayesian Forecasting of Spare Parts Using Simulation.- 6. A Review of Bootstrapping for Spare Parts Forecasting.- 7. A New Inventory Model for Aircraft Spares.- 8. Forecasting and Inventory Management for Spare Parts: An Installed Base Approach.- 9. A Decision Making Framework for Managing Maintenance Spare Parts In Case of Lumpy Demand: Action Research in the Avionic Sector.- 10. Configuring Single-Echelon Systems using Demand Categorization.- 11. Optimal and Heuristic Solutions for the Spare Parts Inventory Control Problem.- 12. Reliable Stopping Rules for Stocking Spare Parts with Observed Demand of No More Than One Unit.- 13. Reactive Tabu Search for Large Scale Service Parts Logistics Network Design and Inventory Problems.- 14. Common Mistakes and Guidelines for Change in Service Parts Management.