Abstract:
Optimization in industrial systems is crucial for the competitiveness of any industry in a competitive economy. A well optimized process can ensure most effective utilization of the limited resources, prove to be cost-effective and thereby increase profitability. This paper carries out literal review on several categories of optimization, such as, line optimization, production process optimization, layout optimization and inventory optimization; and tools and processes like discrete event simulation (DES), time study, root cause analysis, ANOVA, EOQ, EPQ etc. that are used to evaluate different models and scenarios for optimizing current systems. It also investigates the most effective solutions as mentioned by different researchers in their specific situations. The paper also documents the applications of such optimization porecesses in a local chemical factory and analyzes productivity improvement through these optimization processes. Finally, it is concluded that with widespread use of such optimization techniques across different industries, organizations can better enable themselves to grow and thrive
Description:
Supervised by
Dr. A. R. M. Harunur Rashid,
Department of Mechanical & Production Engineering (MPE),
Islamic University of Technology(IUT),
Board Bazar, Gazipur,
Dhaka, Bangladesh