University of Twente Student Theses
Lead Time Reduction, from forecasted to reactive assembly
Dieren, W.M. van (2022) Lead Time Reduction, from forecasted to reactive assembly.
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| Abstract: | This research is conducted at Voortman Steel Machinery (VSM) with the aim to develop a method that can accurately determine which modules should be kept in stock and in what quantity so that VSM can guarantee a 10-week lead time for at least 95% of the orders while minimising inventory value. A genetic algorithm (GA) and a combination of a GA and local search are proposed to create sets of base stock levels that can guarantee with 95% certainty that 95% of the machines of future demand scenarios can be completed within 10 weeks. A simulation model of VSM’s purchase, inventory management and assembly process is used to determine the machine lead times that can be achieved given a certain demand scenario and set of base stock levels. The sets of base stock levels generated by both approaches are evaluated by the simulation model with multiple stochastically generated future demand scenarios. The effectiveness of the generated sets of base stock levels is expressed in the percentage of machines completed within 10 weeks. When the percentage of machines completed within 10 weeks for a set of base stock levels is below 95%, the set is returned to the approach that created it for improvement. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 58 process technology, 85 business administration, organizational science |
| Programme: | Industrial Engineering and Management MSc (60029) |
| Link to this item: | https://purl.utwente.nl/essays/89760 |
| Export this item as: | BibTeX EndNote HTML Citation Reference Manager |
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