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In this section we consider subjects related to Operation
of Manufacturing systems. The subjects considered parallel
the Excel add-ins available for computational procedures.
Details of the add-ins may be found in the Computations
section of this site.
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A time series is a sequence of observations of a time varying
quantity of interest. Examples are the monthly demand for a product,
the annual freshman enrollment in a department of the university
and the daily flows in a river. Time series are important for
operations management because they are often the drivers of decision
models. An inventory model requires estimates of future demands,
a course scheduling and staffing model for the university department
requires estimates of future student inflow, and a model for providing
warnings to the population in a river basin requires estimates
of river flows for the immediate future. |
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Because of their practical and economic importance, the subject
of inventory control is a major consideration in many situations.
Questions must be constantly answered as to when and how much
raw material should be ordered, when a production order should
be released to the plant, what level of safety stock should be
maintained at a retail outlet, or how in-process inventory is
to be maintained in a production process. These questions are
amenable to quantitative analysis through the subject of inventory
theory. |
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Materials Requirement Planning |
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Materials Requirement Planning (MRP) is
a scheduling procedure for production processes that have several
levels of production. Given information describing the production
requirements of the several finished goods of the system, the
structure of the production system, the current inventories for
each operation and the lot sizing procedure for each operation,
MRP determines a schedule for the operations and raw material
purchases. |
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