An inventory control system for spare parts at a refinery: An empirical comparison of different re-order point methods |
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| Authors: | Eric Porras Rommert Dekker |
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| Institution: | 1. Instituto Tecnológico y de Estudios Superiores de Monterrey, Campus Santa Fe, 01389 Mexico City, Mexico;2. Econometric Institute, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR Rotterdam, The Netherlands |
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| Abstract: | Inventory control of spare parts is essential to many organizations, since excess inventory leads to high holding costs and stock outs can have a great impact on operations performance. This paper compares different re-order point methods for effective spare parts inventory control, motivated by a case study at a large oil refinery. Different demand modeling techniques and inventory policies are evaluated using real data. |
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| Keywords: | Spare parts Inventory control Re-order points Demand classes Service levels |
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