Patent ID: 7318008
Filing Date: 2008-01-08
Classification: G06Q

Abstract:
1. An electronic method for estimating a quantity of spare parts needed for a machine, wherein the machine includes a number of replaceable part populations, the method comprising: (a) receiving (i) life data for a number of part populations of a machine, wherein each of the number of part populations has a corresponding spare part for replacement and (ii) a duration for the life cycle of the machine; (b) calculating a failure distribution according to a failure distribution model for each of the number of part populations based on the life data; (c) calculating an estimated replacement part quantity for each of the number of part populations for one or more time intervals in the duration based on the failure distribution; (d) receiving (iii) a unit price for each of the corresponding spare parts; (e) calculating an estimated spare parts cost for one or more time intervals in the duration based on the estimated replacement part quantities and the unit price for the corresponding spare part for each of the number of part populations; and (f) before the beginning of the duration of the life cycle of the machine, preparing an estimated budget report of the quantity and cost of each of the corresponding spare parts based on the estimated spare parts cost calculated in step (e), wherein the failure distribution model is a Weibull model and the life data includes a shape parameter (beta) for defining the shape of the failure distribution, a scale parameter for defining the mean of the failure distribution (eta) and a location parameter for defining a location of the failure distribution in time (gamma).