TAILIEUCHUNG - Lecture Engineering economics - Chapter 9: Minimum cost analysis

Upon completion of this lesson, the successful participant will be able to: Minimum cost concepts, Economic Order Quantity (EOQ) analysis methods, Just‐in‐time (JIT) purchasing quantities based on EOQ, setup time reduction, push and pull inventory scheduling and EOQ. | Chapter 9 -Unit 1 Minimum Cost Analysis IET 350 Engineering Economics 1 Learning Objectives - Chapter 9 Upon completion of this chapter you should understand Minimum cost concepts. Economic Order Quantity EOQ analysis methods. Just-in-time JIT purchasing quantities based on EOQ. Setup time reduction. Push and pull inventory scheduling and EOQ. 2 1 Learning Objectives - Unit 1 Upon completion of this unit you should understand Minimum cost concepts. Economic Order Quantity EOQ analysis methods. Just-in-time JIT purchasing quantities based on EOQ. Setup time reduction. Push and pull inventory scheduling and EOQ. 3 1 Minimum Cost Analysis Basis for understanding and applying techniques such as Economic purchase quantity analysis. Economic production quantity analysis. Just-in-time purchasing. Just-in-time scheduling. Inventory reduction. Capacity maximization. Cost minimization as related to quality maintenance and design. 4 1 Minimum Cost Analysis Cost analysis problems frequently include opposing costs. Changes to a variable may cause some costs to increase while other costs decrease. Example increasing production quantities reduce cost associated with setup but increase costs associated with holding and storing inventory. Objective of minimum cost analysis is to find the point at which total costs are minimized. 5 1 Minimum Cost Analysis Breakeven isocost and make buy analysis techniques apply to situations where cost increase relative to a key variable output quantity . Minimum cost analysis techniques apply to situations where some costs increase and some costs decrease relative to a key variable typically output quantity . Concept of minimum cost occurs frequently when designing and manufacturing products. It is not enough to design a technically good product it must be economical as well. 6 2 1 Minimum Cost and Manufacturing Minimum cost analysis is typically used in the manufacturing process in the following areas Amount and type of quality control. Amount of

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