Suitability of Inventory Policies for Supply of Spare Parts in Aviation Industry

The issue of supplying spare parts for the aviation remains highly relevant. It is necessary to select the mathematical apparatus and the type of corresponding models to match unique demand and supply of the industry. The aim of this paper is to determine to what extent the traditional inventory management models are applicable in the aviation industry and whether managers have specific instruction to select the most appropriate among them. To date, numerous reports and studies have been published on the management of stocks of components and spare parts. Among the most studied of the presented methods, it is worth highlighting those based on newsvendor, order-up-to, min-max, reorder-point order-quantity, and economic order quantity. These policies were less studied in the aviation context, and this study contributes to the respective field by discussion of the difficulty in application of the textbook models in the industry.