Company That Produces Specialized Additive Manufacturing (AM) Fabricated Parts Case Study - Management Assignment Help

Assignment Task:

Task:

Consider a company that produces specialized Additive Manufacturing (AM) fabricated parts for the defense industry. The company works on long term contracts, so they know exactly how many AM parts of each type they need to produce for their customers each week, for the next two years. The principal raw material for AM parts is the metallurgic powder used to fabricate them. There are dozens different kinds of powders, each made of a unique alloy, which the company employs to produce the vast variety of parts that it offers. Because the orders are planned far in advance, you can assume lead-times are zero. While the company’s holding costs remain constant from week to week, the ordering and purchase cost of the powder vary considerably. This happens because the company uses different suppliers each week, based on projections of who will have the product available in each time period. The company wants to develop a long-term inventory control strategy to minimize its costs. They have been using an EOQ formula to decide their order amounts, but due to the variability of demand and costs, they believe there is probably a better solution.
 

Assignment

This company has hired you as a consultant to develop a new inventory control system. In order to do this, they have given you the attached Case2data.xls file. This file contains demand and cost information for a single product, for 200 weeks. Your task is to develop a tool (such as a macro-enabled Excel spreadsheet, or a python program) to plan the inventory orders for a fixed horizon. You must use the data provided to test your tool and draw conclusions. You have settled on three specific experiments you are going to consider (these are listed below in the section titled “Experiments”). You must perform the three experiments and present a report with your findings and recommendation.

Experiments

1. As a baseline for comparison, plan the orders using the EOQ formula. First use the data from period 1 to decide the order in period 1, then calculate when that inventory will run out and in that period again use the EOQ formula with the data from the period to calculate the next order, and so on until you reach the end of the horizon. Note: You do not need to code this, you can just do it in a spreadsheet.

2. Develop a tool (spreadsheet, program, etc.) which uses the Silver-Meal heuristic to plan the ordering strategy for the next 200 weeks.

3. Develop a tool (spreadsheet, program, etc.) which finds the optimal ordering strategy. Hint: Either the Mixed-Integer Programming formulation or the Wagner-Whitin algorithm will work.

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