There are many manufacturers of equivalent electronic parts and it is often hard to remember who they all are. To get the correct product at the right price, many companies are spending enormous effort in managing their Parts List and the associated “alternative” management; that allows you to search for specifications, price and availability before selecting any part to be used.
The Bill of Materials (BOM) involves the creation and maintenance of lists of components pre-approved for use within a company, division or a given project. Analyzing BOMs involves many activities around the selection of parts for which there is an established body of data to support their suitability for the individual product and supports the component engineering discipline's tasks of accurate part selection and type reduction.
Analyzing BOMs is based in many times upon a number of criteria:
- Preferred vendor/supplier analysis
- Component technology analysis
- Component lifecycle projections analysis
- Price analysis
- Quality analysis
- Stock amount analysis
- Development and manufacturing approval analysis