INVENTORY CONTROL MODELS FOR SPARE PARTS IN AVIATION LOGISTICS
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Date
2021
Authors
Kenzhevayeva, Z.
Katayeva, A.
Kaikenova, K.
Sarsembayeva, A.
Babai, MZ
Tsakalerou, M.
Papadopoulos, CT.
Journal Title
Journal ISSN
Volume Title
Publisher
Procedia Manufacturing
Abstract
Effective inventory management has a direct influence on monetary savings, high customer service level and product quality and thus plays an
essential role in a company's economic and strategic performance. Forecasting and inventory models for aviation logistics are essential in
commercial aviation. The objective of this paper is to study the problem of identifying the optimal order quantity of aircraft spare parts and the
demand periods using the Order-Up-To (OUT) inventory model in conjunction with the Negative Binomial Distribution (NBD) and the (s, S)
inventory model with Revised Power Approximation Method. These models are compared and contrasted via a real-world paradigm. The analysis
reveals that the OUT inventory model in conjunction with the Poisson distribution allows ordering the lowest order quantity. However, the (s, S)
inventory model with the Revised Power Approximation outperforms it in terms of average total inventory costs.
Description
Keywords
Type of access: Open Access, inventory management, Airline industry, Negative Binomial distribution, Order-Up-To (OUT) inventory model, (s, S) inventory model, Revised Power Approximation Method
Citation
Kenzhevayeva, Z., Katayeva, A., Kaikenova, K., Sarsembayeva, A., Babai, M., Tsakalerou, M., & Papadopoulos, C. (2021). Inventory control models for spare parts in aviation logistics. Procedia Manufacturing, 55, 507–512. https://doi.org/10.1016/j.promfg.2021.10.069