Large corporations have a significant amount of working capital tied into the acquisition and storage of spare parts. In the industry, spare parts inventory policies and strategies are often developed in isolation from reliability centered maintenance
practices – this results in significant wasteful direct and indirect cost attached to spare parts management for the equipment operator. This report will focus on developing a methodology for minimizing lifecycle indirect and direct cost that comes from
storing long lead time spares. A combined Monte-Carlo and Genetic Algorithm based optimization approach to finding the optimal spare parts storage strategy is proposed. In this study, the indirect and direct cost of having a spare part in the storage
facility will be balanced against the cost of lost opportunity that results from decreased availability - a consequence of not having the required spare part available when an equipment failure event occurs. The results of this study present the benefits
of optimizing long lead time spares through a joint Monte-Carlo & Genetic Algorithm based approach. / Engineering Management
| Identifer | oai:union.ndltd.org:LACETR/oai:collectionscanada.gc.ca:AEU.10048/1864 |
| Date | 06 1900 |
| Creators | Aulakh, Amit |
| Contributors | Zuo, Ming (Mechanical Engineering), Moussa, Walied (Mechanical Engineering), AbouRizk, Simaan (Construction Engineering and Management ), Obaia, Khaled (Syncrude Canada Ltd.) |
| Source Sets | Library and Archives Canada ETDs Repository / Centre d'archives des thèses électroniques de Bibliothèque et Archives Canada |
| Language | en_US |
| Detected Language | English |
| Type | Thesis |
| Format | 1595405 bytes, application/pdf |
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