Professional Documents
Culture Documents
SUMMARY:
This function of this project is to develop a system to ascertain forecast accuracy
using past data and accordingly plan production in order to make optimize use of
company resources. This project will contain aspects of different elements of
planning, including inventory management, forecasting accuracy, workforce
planning, material requirement planning and production planning. The project will
be performed on a programmable language by creating a database for forecast and
all related data.
Project duration is estimated around 6 to 8 months and will require regular plant
visits in order to completely understand the companys business model
PROJECT OBJECTIVES:
The objective of this project is to combine all aforementioned elements of planning
as well as calculating multiple performance indicators including lead time, line
efficiency and standard time
Objectiv
e No
1
2
3
Objective Description
Determination of forecast accuracy
Indicate extreme values in current forecast using past data
Classification of vendors and raw material based on lead time and
material expiry
determination of standard time, production rate, downtime and worker
efficiency
Developing a system for tracking inventory
Developing a system for calculating required raw material and work
force
Devising a production plan using aforementioned objectives
4
5
6
7
PROJECT METHODOLOGY:
This section details on how the project will be achieved. The team will take a
structured approach breaking each objective into multiple task and working on one
task at a time.
1.
2.
3.
4.
Maisam Raza
Awn Naqvi
Saad Ahmed
Taha Shoaib
The team will be structured in such a way to allow one member to solely work on
system development on computer and one member will be dedicated for
documentation while the other two members will conduct regular plant visits. At the
end of each month a meeting will be conducted with the company to update on
regular progress.
WORK BREAKDOWN:
The following are the task in which the project is broken down and will be
approached in the same order
1.
2.
3.
4.
5.
6.
7.
8.
PROJECT DELIVERABLES
Deliverable
s
1
2
3
4
5
Deliverables Description
Analysis of trend of forecasting and its error
Inventory management system
Determination of different performance indicators and suggestions for
improvement
System for determining work force planning and material requirement
A comprehensive production plan for each week
RISKS:
The following are the risk associated with the project
Risk
Unavailability of
data
no creation of
database
Lack of inventory
Description
It will cause difficulty in determining accurate trend of forecast
It will be difficult to link and store data if no database is
present
Hard to keep track of raw material inventory and will cause
management
system
Project benefits:
This section describes the benefits this project will provide to the company
Benefits
Reduced
manpower
Less dead stock
Less capital in
inventory
Effective supply
chain
Reduction in
forecast error
Description
With proper workforce plan there will be reduction in workers
required
With proper inventory system there will less chance of material
expiry
By calculating lead time of vendors, delivery dates will become
easy to calculate thus reducing capital investment in inventory
With the coordination of all departments supply chain will
become more effective
By effectively calculating forecast error a production plan will be
devised accordingly thus not wasting company resources