In-Process Inventory

Collaborators

Supported by Toowoomba Foundry

(pdf 246kB)

Brief

Problem
Determine re-order points and order quantities for many types of make-to-stock components required for make-to-order final assemblies.

Solution Approach
Simulation model embedded into a meta-heuristic Meta-heuristic searches for best solutions evaluated by simulation Simulation randomly generates demand based on real data Scheduling model evaluates system.

Significance
Traditional techniques not applicable. Developed approach determines a good trade off between holding costs, customer service.