Efficient spare parts inventory management is paramount to many companies, from capital-intensive manufacturers to service organizations, such as businesses in the Food and Beverage Industry. Different from Work-In-Process and finished product inventories, spare parts are kept in stock to support maintenance operations and to protect companies against the risk of equipment failures. Many firms face the challenge of keeping on stock large inventories of spare parts, with excessive associated holding and obsolescence costs, because of the difficulty in defining a good spare parts management strategy, and that is due to the intrinsic nature of these items, normally very slow-moving, with highly stochastic and erratic demand.