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This standard establishes a parts management approach that is consistent with the new acquisition reform business environment. It provides a performance-based process to address the growth in the market for commercial electronics along with the decrease in aerospace market share. The strategy provided in this document advocates managing risk up front through the use of integrated product teams and addressing parts obsolescence, diminishing sources, and technology insertion. Key elements that should be included in a parts management plan are identified, and an approach to sharing data among suppliers is described. (ANSI approved)