You can replenish your spare parts stock by applying well-proven methods that have been used in production worldwide. We will discuss the selected methods along with the benefits that they might bring into your production.
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Methods of replenishing stocks
We distinguish several ways of replenishing stocks. These include: method based on the information level, periodic review, min-max method, BS type - based on continuous inventory review - and sS type - based on periodic inventory reviews. Let us now have a look at the most important of them.
What is the method based on information level? This method is characterized by the fact that the decision regarding the order is made when the level of free stock is lower than the designated information level. This method also uses principles - the order quantity is constant and the level of free stock in known. It is worth noting that the supplier can accept the order at any time. Thus, this provides a great deal of comfort.
If you decide in favor of the min-max method, the order will be placed when free stock amounts to less than the designated minimum level. This is a very reasonable method. Order are placed when free stock amounts to less than the designated minimum levels. As for the volume of the order, it is determined based on the difference between the designated maximum level and free stock. This method includes the following parameters: free stock (FS), minimal stock (B or s) and maximum stock (S).
How to estimate stocks?
Once you select the convenient method of replenishing spare parts stock, you have to proceed with the following activities - designate the size of the individual parameters, that is, the distribution of daily consumption. The following parameters are taken into account: average daily consumption (P), the standard deviation from daily consumption (σP), the average time from the moment the need occurred until making the decision to place the order (Tz), the standard deviation from the time Tz (σTz), the time from the moment the decision about the order is made until making the received delivery available for use (Tw), the coefficient of variation of Tw - calculated as the ratio of the standard deviation from the time Tw to average time Tw, total time of the replenishment cycle (T)- time elapsed from the moment the need occurred until making the received delivery available for use (calculated
