Risk based prediction technique on critical spare parts requirement for plant producer
The number of major losses and equipment breakdown due to unavailability of spare parts has posed challenges for planning and inventory control. Moreover this issue can lead to unproductive breakdown of the equipment with eventually give impact towards company’s profit.Most of the inventory planner...
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my.uum.repo.173372017-07-13T01:35:38Z http://repo.uum.edu.my/17337/ Risk based prediction technique on critical spare parts requirement for plant producer Ibrahim, Jafni Azhan Mohd Sharif, Kamal Imran Mohamed Udin, Zulkifli Osman, Nor Hasni TA Engineering (General). Civil engineering (General) The number of major losses and equipment breakdown due to unavailability of spare parts has posed challenges for planning and inventory control. Moreover this issue can lead to unproductive breakdown of the equipment with eventually give impact towards company’s profit.Most of the inventory planner strengthen their inventory policies by maintaining high inventories of spare parts in which resulting irrelevant to the total cost of the asset investment.The inventory planner is considered risk neutral and willing to trade off between the lower profit gain for the protection against possible production losses. Nevertheless, the objectives of maintaining high inventories of spare parts often conflict from meeting the needs of risk averse inventory management. In view of this situation, the management of spare parts become critical issue in the company and it is suggested to quantify the potential impact in order to reduce risks.This paper describes the development of risk quantification technique using Spare Parts Probability Derivation Table for the plant inventory control. The table will provide the probabilities of four critical spare parts that has been identified by the maintenance planner. These probabilities can be used to quantify the risk for the spare part failure and later to produce optimization in terms of risk and finding the minimal inventory cost. Asian Research Publishing Network (ARPN) 2015-02 Article PeerReviewed application/pdf en http://repo.uum.edu.my/17337/1/IRPN%201138-1344.pdf Ibrahim, Jafni Azhan and Mohd Sharif, Kamal Imran and Mohamed Udin, Zulkifli and Osman, Nor Hasni (2015) Risk based prediction technique on critical spare parts requirement for plant producer. ARPN Journal of Engineering and Applied Sciences, 10 (3). pp. 1338-1344. ISSN 1819-6608 http://www.arpnjournals.com/jeas/research_papers/rp_2015/jeas_0215_1599.pdf |
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TA Engineering (General). Civil engineering (General) Ibrahim, Jafni Azhan Mohd Sharif, Kamal Imran Mohamed Udin, Zulkifli Osman, Nor Hasni Risk based prediction technique on critical spare parts requirement for plant producer |
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The number of major losses and equipment breakdown due to unavailability of spare parts has posed challenges for planning and inventory control. Moreover this issue can lead to unproductive breakdown of the equipment with eventually give impact towards company’s profit.Most of the inventory planner strengthen their inventory policies by maintaining high inventories of spare parts in which resulting irrelevant to the total cost of the asset investment.The inventory planner is considered risk neutral and willing to trade off between the lower profit gain for the protection against possible production losses. Nevertheless, the objectives of maintaining high inventories of spare parts often conflict from
meeting the needs of risk averse inventory management. In view of this situation, the management of spare parts become critical issue in the company and it is suggested to quantify the potential impact in order to reduce risks.This paper describes the development of risk quantification technique using Spare Parts Probability Derivation Table for the plant
inventory control. The table will provide the probabilities of four critical spare parts that has been identified by the maintenance planner. These probabilities can be used to quantify the risk for the spare part failure and later to produce optimization in terms of risk and finding the minimal inventory cost. |
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Article |
author |
Ibrahim, Jafni Azhan Mohd Sharif, Kamal Imran Mohamed Udin, Zulkifli Osman, Nor Hasni |
author_facet |
Ibrahim, Jafni Azhan Mohd Sharif, Kamal Imran Mohamed Udin, Zulkifli Osman, Nor Hasni |
author_sort |
Ibrahim, Jafni Azhan |
title |
Risk based prediction technique on critical spare parts requirement for plant producer |
title_short |
Risk based prediction technique on critical spare parts requirement for plant producer |
title_full |
Risk based prediction technique on critical spare parts requirement for plant producer |
title_fullStr |
Risk based prediction technique on critical spare parts requirement for plant producer |
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Risk based prediction technique on critical spare parts requirement for plant producer |
title_sort |
risk based prediction technique on critical spare parts requirement for plant producer |
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Asian Research Publishing Network (ARPN) |
publishDate |
2015 |
url |
http://repo.uum.edu.my/17337/1/IRPN%201138-1344.pdf http://repo.uum.edu.my/17337/ http://www.arpnjournals.com/jeas/research_papers/rp_2015/jeas_0215_1599.pdf |
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