Optimize reordering of critical raw materials and parts
New models evaluate the ‘total’ costs in receiving and storing materials for a refinery
Optimizing the reordering of raw materials and maintenance spare parts is a problem extensively studied in the academic field, but poorly solved. This project focuses on the problem of reordering points and batch sizes via a commercial discrete-event simulation software. A product for reordering points was developed and tested. It was successfully used to optimize the reordering points and batch sizes of several critical spare parts for a refinery. The satisfactory results enabled reducing the total ordering, storage and backorder costs.
Inventory management principles.
Most companies are implementing lean production principles. These are related to minimize waste from unneeded and ineffi
From the Archive
Sign up to Receive Our Newsletter
Construction Boxscore: Project Spotlight
Bear Head LNG Export Terminal Project
Richmond County, Nova Scotia
Liquefied Natural Gas Ltd.