Models of spare parts inventories' optimisation: a literature review

Abstract

In recent decades, several models had been developed to optimise inventory of spares parts. It is a major challenge for many organisations because the spares parts include features that differentiate them from other products. Due to the huge amount of models made by researchers for the optimisation of spares parts inventories, it is important to collect all the information concerning these models, and present them in a research paper. This research paper provides a critical literature review on spare parts inventories. The first and second part is dedicated to the examination of the methods and the modifications proposed by the researchers for classification and demand forecasting of spare parts. The third part focuses on the common optimisation models of maintenance policies, replenishment policies of spares parts, and repair capacity.