Spare parts are components or pieces of a device, machinery, or vehicle that can be replaced when failures or wear occur. These replacement parts are designed to be compatible with the original object and can be supplied by either the object’s manufacturer or specialized third parties in the production of spare components. Spare parts are an outgrowth of the industrial development of interchangeable parts and mass production. In an industrial environment, spare parts are described in several manner to distinguish key features of various spare parts. The following describes spare part types and their typically functionality. Capital parts are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them. Capital parts are typically repaired or replaced during planned overhauls/scheduled inspections. As description implies, these Capital Parts are typically expensive and are depreciated over time. Examples of capital parts include pumps and motor sets used in industrial plants, or impeller or a rotor required for a pump or motor. This “spare” requirement would be determined by redundancy of equipment used in the industrial processes.