A spare part in a manufacturing company is vital for operations. However, the part is very costly and being an imported part, its lead$-$time is a couple of months. The life of this part, when put to use, has been observed from $3$ months to $18$ months. The company has faced tremendous losses in recent past because of unavailability of this part in time. As a materials manager, how will you deal with the inventory management of this part? What type of inventory control system you would like to use for this part?