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Inventory management of steel plates at an oil rig construction company

Author(s)
Tan, Chien Yung
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Massachusetts Institute of Technology. Dept. of Mechanical Engineering.
Advisor
Stephen C. Graves and David Hardt.
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M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
Keppel Fels produces make-to-order oil exploration rigs for the global market. Each rig requires close to 6000 metric tons of steel in the course of its production. Optimal management of this steel is very critical in this line of business. However, in recent years, demand for these rigs has been increasing at a tremendous rate and previous steel management policies are fast becoming unable to cope with this surge of demand. The thesis first looks at characterizing the nature of the demand of steel plates in the company. This led to the identification of key factors of demand, resulting in a classification system of the steel plates according to their demand behavior. This system further led to the crafting of various policies to manage the risks involved in the procurement of the steel plates. We propose to use the newsboy model to minimize the inventory costs, subject to uncertain demand. The conclusion of the thesis presents the optimized steel plate procurement quantities for the company.
Description
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2006.
 
Includes bibliographical references (leaf 67).
 
Date issued
2006
URI
http://hdl.handle.net/1721.1/38287
Department
Massachusetts Institute of Technology. Department of Mechanical Engineering
Publisher
Massachusetts Institute of Technology
Keywords
Mechanical Engineering.

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