Simulation-Based Improvement in the Models for Tool-Inventory Management at Manufacturing Plants

Abstract

Tool-inventory management at manufacturing plants is of great theoretical and practical importance. The main management problem here is that it is impossible to take precise account of all the changes in the tool stock for the basic production process. The relevant dynamics may be random as a consequence of the simultaneous action of several factors. In the present work, attention focuses on statistical modeling, which allows many factors to be taken into account and permits the creation of a more precise model of planning, production, and tool consumption at an industrial enterprise