Performance, cost, and risk
What are the performance, cost, and risk impacts of implementing this product?
- Performance: The model is able to calculate the required spares, using a simulation that requires less computation time than alternatives. Multiple spares types can be considered, and the model functions even if demand data is scarce.
- Cost: Time and resources required to continue development of the product.
- Risk: Effectiveness of the model results depends on the proper modelling of a given system.
Implementation requirements
What capabilities would a business/organization/institution need to have to implement this product?
- Processes: As the product supports optimization of spare part management, spare part management as a process must exist beforehand.
- Resources: Reliability data for the failure modes or demand data must be known.
- Competences: Modelling competences are required, since the process of modelling a given scenario is not automatic.
- Technologies: Computing hardware to run the models, as Monte Carlo simulations are generally compute-heavy.
Related works
- Kang et al. (2024). Robust Spare Parts Inventory Management.
- Kang et al. (2024). Robust Spare Parts Inventory Management with Emergency Shipments.
- Soltani et al. (2023). Optimal Spare Management via Statistical Model Checking: A Case Study in Research Reactors.
Contact information
For further inquiries regarding this product, feel free to get in touch with:
- Rob Basten, Eindhoven University of Technology. r [dot] j [dot] i [dot] basten [at] tue [dot] nl
- Ahmadreza Marandi, Eindhoven University of Technology. a [dot] marandi [at] tue [dot] nl
- Matthias Volk, Eindhoven University of Technology. m [dot] volk [at] tue [dot] nl
