Last month's article on survivorship bias in spare part management resulted in a surprising amount of feedback. So this month I am turning that idea on to spare part procurement.
In procurement, the goal is clear: secure the right parts, at the right time, for the right price, while minimizing inventory costs and avoiding supply disruptions.
But amid this balancing act, a hidden cognitive bias often distorts decision-making: survivorship bias.
This error, focusing only on parts that are frequently used or successfully delivered, can lead to underestimating the risk posed by rare, critical components that don’t appear in regular demand data but can cause massive operational downtime when missing.
This month's new article addresses survivorship bias in spare parts procurement and discusses:
- What Survivorship Bias Looks Like in Procurement
- Strategic Procurement Risks from Survivorship Bias
- Procurement Strategies to Counter Survivorship Bias
- Taking Procurement Beyond the Visible
You can read the full article HERE 
