General Electric Company
SYSTEM AND METHOD RELATING TO PART PRICING AND PROCUREMENT

Abstract:

A computer-implemented method for enabling a user to operate a predictive model for calculating a target price relating to a purchase of a selected part. The method may include the steps of: determining a part family, wherein the part family includes a plurality of parts having a common characteristic; for each of the plurality of parts within the part family, obtaining cost data; for each of the plurality of parts within the part family, obtaining feature data; performing a correlation analysis between the feature data and the cost data for the parts within the part family; developing the predictive model from a result of the correlation analysis; and calculating the target price for the selected part using the predictive model.