This paper is about calculating critical stockholding for spares and the fundamental decisions about what is worth doing or holding, and the right compromise between costs (or capital tied up) and risk exposures. It is about getting back to some basics – i.e. what comprises a good decision and how we can evaluate and compare options on a value-for-money basis. It covers the conclusions and deliverables from a European best practice collaboration project over the last 5 years. This project (MACRO) was convened to tackle the core problems of cost/risk/performance trade-off: how do we judge what to spend, when and how, if the available hard data is inadequate.
The total project was much wider than just the spares, materials and purchasing areas – it also covered the capital investment, life cycle costing, project evaluation, maintenance, inspection and shutdown optimization areas.
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