ANALYSING SPARE PARTS FORECAST ACCURACY FOR CIVIL AEROSPACE IN ROLLS-ROYCE
A modern Civil Aerospace organisation like Rolls-Royce is dependent on readily available spare parts for in-service aircraft in order to maximise operational capability. After sales service is of growing importance to the Rolls-Royce business. In order to provide good service to its customers Rolls...
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English English |
| Published: |
2011
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| Online Access: | https://eprints.nottingham.ac.uk/24720/ |
| Summary: | A modern Civil Aerospace organisation like Rolls-Royce is dependent on readily available spare parts for in-service aircraft in order to maximise operational capability. After sales service is of growing importance to the Rolls-Royce business. In order to provide good service to its customers Rolls-Royce need to ensure the availability of spare parts needed in repair and maintenance operations. Forecasting plays an important part in the availability of spare parts . Forecast accuracy for spare parts is highly dependent on the demand signal from the customer. A large proportion of parts are erratic or slow-moving demand and these present particular problems as far as forecasting and inventory control are concerned.
Inventory has been a tool used to deal with high uncertainties and unpredictable demand in the past. Companies have been creating an inventory excess to ensure the availability of parts to serve the customer requirements. Companies have previously tried to reduce their waste to achieve “lean” and also reduce costs but have not investigated the forecasting process which drives this behaviour. The market place is not only characterised by price, but also speed and flexibility. These characteristics are an important part of spare parts behaviour due to the market they serve. This project tries to contribute towards providing a better understanding of the forecasting process to deliver better forecasting accuracy and in turn provide an inventory reduction solution. |
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