Laws of Manufacturing
Buffers to Matching Supply and Demand
-- Inventory Buffer
-- Capacity Buffer
-- Time Buffer
The Process Parameters
-- Inventory (I) which is the work in progress at a certain time
-- Throughput (R) which is the rate at which output is made
-- Cycle time (T) which is the clock time taken in the process
Little's Law: Established in 1961
Kingman's Law also established in 1961
Three different possibilities that cause the Economies of Scale:
Business Models defines the way a firm creates, delivers, and captures value. It is how value is being delivered to the customer.
The different stages that must be adopted in a business model for a firm to acquire success:
-- Design: This stage involves creating the right product to be produced
-- Make: This is the manufacturing system, where the production of the designed product is achieved.
-- Sell: This includes the marketing and the actual selling of the product manufactured.
Marketing Myopia is the situation when companies were too focused on their products and not enough on customer needs.
Technology Radar for Manufacturing
Technology Radar is the display of technological glyphs representing targeted objects that are moving around in specific directions and at specific speeds which are being studied in order to make executive and tactical decisions based on their behaviours.
Impact of Technology Radar in manufacturing includes providing the means to update existing products, finding new ways of manufacturing products, increasing volume and diversity of productions, making products to be more consistent and more cost-effective.
Some Emerging Technologies in the Manufacturing Industry
Augmented Reality (AR) Cloud is the underlying, persistent, digital content layer mapped to objects and locations in the physical world.
Artificial Intelligence (AI) is intelligence demonstrated by machines, it refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.
Digital Twin is a virtual representation of an entity such as an asset, person, or process and is developed to support new or enhanced business objectives.
Machine Learning is a method of data analysis that automates analytical model building. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention.