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AUTOMATED INVENTORY CONTROL SYSTEM FOR NIGERIA POWER HOLDING
Abstract
The problem of increasing criticalities and complexities of spare parts in service companies, maintenance industries as well as power generation companies motivated this research for solution. The causes of the problems were traced to factors like demand unpredictability, parts indigenization, high service levels, large investments on parts and a lot of items in the inventory. Power Holding Company of Nigeria (PHCN) currently holds in excess of millions in spare parts inventory between the six power generation facilities. These inventory items are used to service the generation facilities, and so are critical to the continued operation of the company. The company may want to release some capital from its inventory investment by reducing stock levels. In addition, manual ways of handling inventory has failed to cope with factors like stochastic demands, better service levels, and shorter lead times and providing perfect heuristics for Inventory-related decision making. Therefore, it is imperative to accurately forecast spare parts requirements and to optimize existing inventory policies using significant decision support. This research has developed Inventory Control Software that has provided automated and graphical interface ability for decision making. Stochastic simulation model for spare parts inventory was developed.
Key Words: Inventory Management,Stochastic demands, shorter lead times, spare parts requirements