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...companies cover of these bases but often lack know-how regarding facility planning and design, capacity planning, tooling, working methods, material handling, and inventory control. Venture capitalists therefore perceive a risk toward the projected rate of return of investment. Standard industrial engineering tools are often used to resolve many of these manufacturing uncertainties.
Discrete-event simulation models can be built to evaluate manufacturing processes and facility layouts. It has been widely accepted that discrete-event simulation helps in building and analyzing dynamic systems. Not long ago it was cost-effective to simulate only large automated warehouses, but these days the reduction in the amount of time a simulation takes allows it to be used for smaller operations. This resulted in the novel idea of using a simulation model as part of a business plan to reduce perceived risk and to create confidence in the venture.
This case study demonstrates the use of industrial engineering tools to simulate the manufacturing activities of a small or medium-sized company to market its business...
NOTE: All illustrations and photos
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Ask the Expert: answers to your technical questions., August 01, 2005
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