Design. Analyze. Optimize.

Storing New Items

When optimizing the storage strategy of a new item the problem is usually the lack of proper history data. Item consumption can be though estimated by using the consumption simulation of StockOptim software. The first step of consumption simulation is to create a reliability graph for the item based on its usage locations. This graph can be formed from several different sources that are e.g. reliability estimates from item supplier, estimates from own experts (e.g. lasts at least 1000 hours with the probability of 0.75 and 2000 hours with the probability of 0.25) or history data of a similar item that has been used in similar environment.

By adding information about the item usage and its service strategy to the reliability graph it is possible to simulate both planned and unplanned consumption of the item and to move to calculate an optimal storage strategy for the item.