About Research Project
In the MRO industry, a very challenging problem faced by many companies is how to efficiently manage spare parts inventory due to the difficulty in accurately forecasting their demands for spare parts.
The demand pattern of spare parts usually shows high irregularity. With years of consulting experiences with the MRO companies, the project team has access to an ample pool of various types of data from MRO companies and sees the need for new data driven inventory models for spare parts in order to assist the companies to efficiently manage their spare parts inventories, which can potentially reduce spare parts inventory costs significantly.
In particular, there are two main objectives of this project: (1) to develop novel forecasting methods that are adaptive to the MRO context with a particular focus on its supply chain structure, and (2) to integrate the new forecasting methods into inventory control to aid in business decision making.
