Setting optimal inventory policy for mold spare components in a medical device production facility
Name
611958280-MIT.pdf
Description
Full printable version
Size
9.29 MB
Format
Adobe PDF
Checksum (MD5)
5046d8e59081d217803763a44bef51df
Author(s)
Lim, Yuen Chun Gerard
Advisor(s)
Stephen C. Graves.
Date Issued
2009
Publisher
Massachusetts Institute of Technology
Abstract
Inadequate inventory management policies utilized by the maintenance facility of a manufacturing plant result in the lack of spare components needed to carry out essential repairs on molds used in injection molding operations, thereby reducing the plant's effective production capacity. Thus, molds need to be run for longer periods to produce the same quantities of finished products, exposing them to a higher rate of wear and tear, ultimately incurring higher maintenance costs, utility costs and repair costs. This research creates a framework for properly categorizing the spare components based on their characteristics and applying relevant inventory models to each category to derive the inventory control parameters of reorder quantity, safety stock level and reorder point. Spare component inventory will be categorized by usage rates and their criticality to mold repairs while critical inventory parameters of safety stock, reorder point and reorder quantity are set to ensure a 97.5% service level while reducing total inventory costs by 9.1% or by $38.7K per year.
Description
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2009.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 75-76).
Subjects
Mechanical Engineering.
MIT Department
Massachusetts Institute of Technology. Department of Mechanical Engineering
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