Management of inventory plays a key role in effectiveness and efficiency of an industry’s competitiveness. It contributes to maintaining optimum level of stock of spare parts that could prevent an industry or oganisation from stock outs. To do this, inventory management relies on the forecasting techniques. This paper reports results of developing a novel reliability model to forecast more reliably the level of stock of spare parts by using the covariate analysis.
Published in: 3rd North American International Conference on Industrial Engineering and Operations Management, Washington D.C., USA
Publisher: IEOM Society International
Date of Conference: September 27-29, 2018
ISBN: 978-1-5323-5946-0
ISSN/E-ISSN: 2169-8767
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