TY - JOUR
T1 - A model for planning and optimizing an engineering company production
AU - Gutiérrez González, Eduardo
AU - Panteleeva, Olga Vladimirovna
N1 - Publisher Copyright:
© 2020, Operational Research Society of India.
PY - 2020/9/1
Y1 - 2020/9/1
N2 - This article presents a model to plan the annual production of pulleys and gray iron bushings in an engineering company. The proposed model considers sales forecasts and the use of finite mixture distributions to determine the behavior of class A sales items and best service levels. The forecast model parameters and finite mixture distribution sales are calculated via a Monte Carlo simulation. The model provides the annual production planning and inventory, minimizing fixed and variable production, inventory holding and penalty costs for noncompliance. The design is implemented with historical class A sales items, determining that the best service level is 95%. This model expects an additional annual profit of approximately $277,000 Mexican pesos.
AB - This article presents a model to plan the annual production of pulleys and gray iron bushings in an engineering company. The proposed model considers sales forecasts and the use of finite mixture distributions to determine the behavior of class A sales items and best service levels. The forecast model parameters and finite mixture distribution sales are calculated via a Monte Carlo simulation. The model provides the annual production planning and inventory, minimizing fixed and variable production, inventory holding and penalty costs for noncompliance. The design is implemented with historical class A sales items, determining that the best service level is 95%. This model expects an additional annual profit of approximately $277,000 Mexican pesos.
KW - Akaike information criterion (AIC)
KW - Default risk
KW - Finite mixture distributions
KW - Maximum likelihood
KW - Service level
UR - http://www.scopus.com/inward/record.url?scp=85078086011&partnerID=8YFLogxK
U2 - 10.1007/s12597-019-00435-7
DO - 10.1007/s12597-019-00435-7
M3 - Artículo
SN - 0030-3887
VL - 57
SP - 669
EP - 699
JO - OPSEARCH
JF - OPSEARCH
IS - 3
ER -