This audio describes a system for managing critical spare parts in power plants and chemical manufacturing facilities. The system categorizes parts by criticality (tiers 1-3) based on failure rates, lead times, and substitutability. A matrix links parts to equipment, considering factors like redundancy and cross-compatibility. A scoring system assesses equipment impact and lead times to calculate a criticality index, guiding decisions on inventory levels and supply agreements. Regular reviews and event-triggered updates ensure the system remains current, improving risk management and potentially reducing insurance costs.