An Intensive 5-day Training Course
Reducing Costs through
Spares Optimisation and Rationalisation
Spares Optimization and Management
Course Introduction
Many companies do a bad job of managing their inventory effectively, there are many reasons for this. But it usually starts with bad submission of SPIRs, cataloguing and selecting initial spares.
This practical Reducing Costs through Spares Optimisation and Rationalisation training course covers aspects related to reducing inventory and costs of spare parts and is supported by case studies, software and practical exercises to aid understanding. There are very few courses conducted that deal with the practical issues of spares cataloguing and optimising spares.
After this training course, delegates will leave the training with tools and techniques that they can immediately apply in their own companies and start to reduce costs.
Excel Analysis worksheets containing all formulae will be provided to conduct your analysis.
Two analysis techniques will be covered, first using probability and the second using simulation (modelling) techniques for high value spares with logistic issues.
Objectives
- To highlight current problems with spares management
- To improve cataloguing of spares
- To show how determine when to order scientifically - the reorder point
- To show how many to order
- To discuss principles of rationalising spares
Training Methodology
Use of PowerPoint slides, case studies, exercises using provided Excel Worksheets & discussions.
Organisational Impact
- Reduce inventory carrying costs
- Reduce stock turn ratios
- Reduction in duplicate stock
- Decision support techniques for high value, long lead time spares
- Reduction in lead times
Personal Impact
- Understand the stock management process
- Raise awareness of how to select inventory levels
- How to cataloque consistently
- How to reduce stock outs and lead times
Who Should Attend?
- Maintenance Managers
- Engineers
- CMMS Key Users
- Analysts
- Warehouse Managers and Supervisors
- Project Engineers
- Spares and Inventory Personnel
Course Outline
Day One
Introduction to Stock Management & Optimisation
- Common Problems with Stock Management
- Terms and Definitions
- Initial Spares and Replenishment Process
- Different Stocking Costs Associated with Stocking Spares
- Spares Types
- Spares Categories
- Estimating Lead Times
- Stock Replenishment Strategies
- Exercise Lead Time
Day Two
Effective SPIRS and Cataloguing
- Purpose of the SPIR
- Why they are submitted badly?
- Poor Examples / Case Studies
- Stock Item Coding and Naming Conventions
- Major Differences Maximo & SAP
- Should We Stock?
- Exercise Cataloguing
Day Three
Introduction to Failure Statistics & Setting ROPs, Safety Stock
- Definitions
- Failures & Spares
- How to Measure Reliability
- Weibull Analysis
- Options for Determining Safety Stock
- Poisson Distribution for Low, Medium and Fast Movers
- Effect of Service Level
- Determine ROPs & Safety Stock
Day Four
How Many to Order & Optimising Spares
- Exploring Order Quantity Formula
- Effective of Ordering Too Many or Too Few
- How the Formula doesn’t Work Every Time
- Determine Initial Spares Parameters (using Excel Worksheet)
- Estimating Annual Issue Quantities
- Evaluating Current Stock Levels and Parameters
- KPIs for Spares
- Excel vs. MS Access
- Evaluate Insurance Spares
- Exercises using Excel Analysis Worksheet
Day Five
Spares Work Process & Auditing Work Processes
- Work Process for Spares and Purchasing Management
- Audit Work Process
- Planning the Audit
- Conducting the Audit
- Identifying Issues and Corrective Actions
- KPI Reporting System
- Exercise Auditing a Work Process
Certificate
On successful completion of this training course, Oxford Management Centre Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor will be awarded to the delegates
Accreditation
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FREQUENTLY ASKED QUESTIONS
Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:
- Telephone: +971 50 985 0174
- E-mail: info@oxford-management.com
Yes, Oxford Management Centre is accredited by the following professional bodies;
National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit.
Yes, discounts are available. For further information please call +971 50 985 0174 or email, info@oxford-management.com
Note: Discounts are not applicable with any other special offer that may be available.
All course bookings made through Oxford Management Centre are non-refundable. By registering for a course, you acknowledge and accept that fees are payable in full and are not subject to refund under any circumstances, including but not limited to participant dissatisfaction, changes in personal or professional circumstances, or partial attendance.
Oxford Management Centre reserves the right to make reasonable adjustments to course content, trainers, or schedules where necessary, without entitling delegates to a refund. Full details of each course – including objectives, target audience, and content – are clearly outlined prior to enrolment, and it is the responsibility of the delegate to ensure suitability before booking.
There are 2 easy ways to register:
- Online: Select the training course you want to register for, Click the “Book Your Place” button on the course page, complete the form and click submit.
- E-mail: Send your details to info@oxford-management.com
We request that all cancellations be made at least one week before the class start date. You may reschedule this class without any penalty. If not, a $250 fee will be charged for cancellations received less than one week before a class begins and for no-shows. Cancellation penalties and any fees incurred by Oxford Management Centre will be deducted from refunds.
For more information request, email info@oxford-management.com or call +971 50 985 0174.
The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.
While, online training fees cover the course presentation and digital documentation and relevant materials.
The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.
Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.
Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.
Upon receipt of your registration form, we will send you the following by e-mail:
- Registration Confirmation
- Invoice/Receipt (where appropriate)
If you register online you will receive an e-mail within 24 hours confirming your registration.
