A Review on Various Approaches of Spare Parts Inventory Management System

Objectives: The purpose of this paper is to efficiently control the spare parts inventory management system of various organizations. Methods/Statistical Analysis: The method adapted to study the objectives was to efficiently control the spare parts inventory management system of various organizations and by looking into the gaps of the system and eliminating them by setting the guidelines for forecasting of spare parts inventory. Findings: The paper provides a detailed literature review of different techniques for efficient control of the inventory management system as the inventory control management is the most important aspect of optimizing the spare parts demand by effectively managing spare parts inventory in different aspects according to need of the organization. Application/Improvements: The method for forecasting will be helpful for the organizations to not hold the extra capital for the spare parts.Keywords: Forecasting, Inventory Management System, Spare Parts