One of Duke University’s professors has published a mathematical model that could help firms in the spare parts industry save money while maintaining efficiency.
Explained in the video below, it calculates which parts to stock, and which to print on demand – given that for most companies abandoning all spare parts inventory is too risky, but printing certain parts on demand could save a lot of money.
Jeannette Song, the operations professor at Duke University’s Fuqua School of Business behind the study, said: “If you are operating on a large scale, you still need to keep inventory on hand,” she said. “But a little flexibility goes a long way.”
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