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Risk Based Spares Analysis

The traditional method of evaluating spares requirements for a new facility normally involves a rather arbitrary review of original equipment manufacturers’ (OEM) recommended spares lists that typically results in over-stocking, with consequential unnecessary capital commitment.

The PI Asset Integrity Ltd preferred methodology is based on a definitive philosophy and rationale, and assesses, with respect to equipment failure criticality and risk, predicted spares needs and supply availability.

Risk Based Spares Analysis aligns spares requirement with predicted usage rate, thus minimizing spares holding and tied capital, and warehousing and caretaking support, whilst assuring availability on demand (within risk parameters).

The following elements are considered:

	Alignment with Maintenance Strategies
In conjunction with the Maintenance Strategy Development work for the purposes of alignment and homologation of sparing in the development of the maintenance system

	Lead Time Factor
Clearly, if required spares were immediately available from suppliers there would be no need to stock them. Therefore, lead time is key in the calculation of recommended minimum spares holding and the decision whether to stock in-house.

	Minimum Spares Hold Levels
Calculated on the basis of annualised usage using a standard statistical probability (failure risk) formula minimum spares hold level is the level at which re-order should be activated in the inventory control or materials procurement system.

Maintenance	Verification & Compliance	Safety & Risk

Risk Based Maintenance & Spares Regimes	PFEER & DCR Performance Standards	SIL Assessments and Root Cause Analysis