myLab Portal

Spare Parts Optimization

This exercise will assist the customer in determining the right spare parts to stock in the right quantity. This can be accomplished on a single asset or a group of assets. Factors such as demand rate, carrying cost, and ordering cost can be used to calculate economic order quantities. The end result will be a reduction in parts that are overstocked, and elimination of dead stock items. This exercise can have a significant impact on the bottom line while ensuring the right parts and tools are available when needed.

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This system uses GeoLite2 data created by MaxMind, available from