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Case Study

Spare Parts Optimization

For a refinery in Asia, the spare parts policy was not related to the component failures. On many occasions, the spare part was not available, and sometimes, when in stock, the spare part had past its storage shelf life.

The client needed a new methodology to manage the spare parts based on predicted failure rates, and to only store the minimum spares necessary.

 

BENEFITS 

  • Reduction of spare parts inventory by over $214,000
  •  Identify critical spares to ensure plant availability is not effected by lack of spares

 

OBJECTIVES

Calculate the optimized case for each critical spare based on:

  1. Component criticality
  2. Downtime penalties
  3. Actual failure frequency
  4. Inventory depreciation
  5. Warehousing costs
  6. Spare part capital costs
  7. Spare part availability & shipping time
  8. Logistics of replacement

METHODOLOGY

  1. Download historical maintenance records from the CMMS
  2. Assess historical asset availability and reliability
  3. Define failure modes for on-site equipment
  4. Define critical equipment & associated spares
  5. Build the financial optimization model
  6. Run optimizations and consult with key staff on the final results
  7. Implement results within the management systems

 

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United Kingdom

 

T. +44 (0)161 918 6790

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