Lecture 2 - IE 5341 Adv Production and Inventory Control...

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IE 5341: Adv. Production and Inventory Control Spring 2010 Professor : Dr. Jose F. Espiritu e-mail : [email protected] Class meets (CRBL 304): Wednesdays 6:00 pm – 8:50 Office hours (A109) : Tuesdays and Thursdays 10:30 am – 11:30 Department of Industrial Engineering Spring 2010 and by appointment
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Outline Chapter 0 EOQ model Key insights EPL Model O with Backordering EQO with Backordering EPL with Backordering
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Chapter 0 Factory Physics ® ? Perfection of means and confusion of goals seem to characterize our age. Albert Einstein
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What is Factory Physics ® ? Quantitative Tools: • probability • queueing models • optimization perations Management: Operations Management: • inventory management • shop floor control (MRP, JIT) • scheduling, aggregate planning • capacity management Manufacturing Principles : • characterize fundamental logistical behavior • facilitate better management by working with, instead of against, natural tendencies
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What is Factory Physics ® ? Quantitative Tools: • probability • queueing models • optimization perations Management: Operations Management: • inventory management • shop floor control (MRP, JIT) • scheduling, aggregate planning • capacity management Manufacturing Principles : • characterize fundamental logistical behavior • facilitate better management by working with, instead of against, natural tendencies
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Why Study Factory Physics ® ? Ideal: sophisticated technology Reality: blizzard of buzzwords automation gurus Some conventional approaches to manufacturing management fail short a) Management by buzzword is not the answer Lack of System information technology control methods benchmarking
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Can’t Rely on Benchmarking ance eader Benchmarking can result in an increasing gap in performance Some conventional approaches to manufacturing management fail short b) Management by imitation is not the answer Time Perform Leader Follower when standard is accelerating.
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Need for a Science of Manufacturing Goals • rationalize buzzwords • recognize commonalties across environments Perspective • Problem-solving framework • Technical approach • accelerate learning curve • intutition Practices change, but principles persist!
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Scope of Factory Physics ® Process Line System
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Factory Physics ® Definition: A manufacturing system is a network of processes through which parts flow and whose purpose is to generate profit now and in the future. Structure: Plant is made up of routings (lines), which in turn are made up of processes. Focus: Factory Physics ® is concerned with the network and flows at the routing (line) level.
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Conclusions Factory Physics ® is: • a set of manufacturing principles • tools for identifying leverage in existing systems • a framework for designing more effective new systems • still being developed…
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The Total-Cost Curve is U-Shaped al Cost cD A Q D h Q TC + + = 2 Economic Order Quantity (EOQ) Model 12 Order Quantity (Q) Ordering Costs Q Annua ( optimal order quantity) Holding costs
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This note was uploaded on 04/25/2010 for the course IE 654 taught by Professor Smith during the Spring '10 term at 카이스트, 한국과학기술원.

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Lecture 2 - IE 5341 Adv Production and Inventory Control...

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