Research on Control Model for Spare Parts Inventory Based on the Optimal Replenishment Cycle

Abstract

Control model for spare parts inventory is established based on the optimal replenishment cycle. The replenishment cycle impact on the spare parts inventory control is analyzed as well as the demand forecasting. First, the optimal replenishment cycle is given by using the method of the lowest cost of inventory. Then according to the demand characteristic of the spare parts, the safety stock can be calculated. Finally on the basis of the demand forecasting, the calculation method of spare parts replenishment quantity is given. A numerical example is presented to verify the validity and practicability of the model.