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.
Reliability
Inventory Management with Reliability Engineering Approach
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