Life Limited Parts Forecast Method
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If you are not already using Life Limited Parts, it is recommended that you use Causal Forecasting functionality.
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Life limited parts (LLP) are flight-critical parts within the aerospace and defense industry that wear out over time, either through repeated cycles (landings and takeoffs) or flight hours. Federal regulations require life limited parts to be maintained and tracked by serial number. While the Life Limited Parts forecast method was designed for the aerospace and defense industries, other companies with life-limited parts, such as medical equipment, automotive, and electronics, will also benefit from using this forecast method.
This forecast method manages the service events associated with parts that have a specified engineering life limit. This type of forecasting lets the planner predict service events for life limited part . The information can then be used to recommend spare parts for stocking, reducing equipment downtime and expediting costs. It provides the planner with the ability to forecast, using mathematical calculations, the expected calendar date when the life limit of LLP parts will be reached and to schedule service events accordingly. This allows the planning and maintenance departments to see all repairs involving life limited parts.
The calculation for this forecast method uses two key inputs from the host system:
• Historical data on flight hours/cycles
• Specified maximum flight hours/cycles before a service event must be initiated
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Each forecast method has constraints, called best fit rules that may make it ineligible for forecasting.
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