With the pressure of time-based competition increasing, and
customers demanding faster service, the availability of service
parts becomes a critical component of manufacturing and servicing
operations. Potentially, the aftermarket service industry may
account for 25% of a manufacturer s annual revenue. On the other
hand, keeping too many of such spare parts increases operational
costs and eats up the bottom line. The challenge is the erratic
demand patterns of service parts. Demand commonly is intermittent
with some time periods having no demand at all. Forecasting for
intermittent demand itself has long been recognized, in the
academic literature, as a very difficult business task. It is not
only the variability of the demand size but also the variability of
the demand pattern that makes intermittent demand so difficult to
forecast. Hence management of service parts is a significant
organizational problem. Therefore, small improvements in a company
s system, regarding service parts, may be translated to substantial
cost savings.
Service Parts Management provides an overview and detailed
treatment of the current state of the research available on the
forecasting and inventory management of items with intermittent
demand. The book is divided into two parts, one for demand
forecasting and one for inventory control. Demand forecasting
techniques are presented for parametric and nonparametric
approaches. Error measures, distributional assumptions, and the
effects of correlation are all examined in the forecasting context
while inventory control is examined in the continuous and periodic
review cases. Multi echelon cases and inventory pooling are also
considered.
An excellent reference for key concepts and a leading resource
for further research, Service Parts Management guides researchers
and practitioners in finding better management solutions to their
problems."
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