A New Approach to Evaluating the Criticality Class of Spare Parts Incorporating Fuzzy Comprehensive Evaluation and Grey Relational Analysis

This paper presents a new model to identify the criticality class of spare parts (SPs) based on fuzzy and grey theory. By using group-discussing and anonymous questionnaire methods, index set for the evaluation of criticality class of SPs are put forward. A new algorithm, which is integrated of modified Delphi, AHP, fuzzy comprehensive evaluation and grey relational analysis, is designed to convert the qualitative description to quantitative data. At the same time, its effectiveness and superiority are tested in the practical example. Then, the unreasonable target service level setting which is confirmed by the different criticality class will be modified and the optimal inventory control parameters can be gained. By deploying this model, the inventory holding costs was reduced significantly in a power plant