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This paper presents a methodology for developing a spare parts inventory management system with a focus on the nuclear power sector. Often, demand for spare parts is highly intermittent and cannot be accurately forecasted through traditional methods. Examples include nuclear power generation equipment, ground space systems, and aircraft engine parts. We take a data-driven engineering management approach and develop a four-step methodology for spare parts management in such environments. These steps comprise an influence diagram for identifying relevant factors, weighting of influences through the analytic hierarchy process, grouping parts according to inventory criticality indices, and the development of base stock inventory policies for each group. This approach allows the system to be actively managed within a continuous improvement framework through employee engagement and input, and mathematical assumptions are not made in the models. To our knowledge, no such integrated, comprehensive methodology for spare parts has been developed. The techniques employed in this research can be effectively used together to holistically manage the entire spare parts process, or they may be used separately to manage portions of the process. This paper provides an overview of the methodology, and the entire approach is illustrated via a test bed nuclear power generation facility.