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The Art of Computer Modeling for Business Analytics by Gerald Feigin

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CHAPTER 5

Identifying Inventory and Cycle Time Reduction Opportunities for a Steel Manufacturer

5.1 Background

Inventory reduction is a perennial focus in companies looking to cut costs and streamline operations. Cutting inventory is not difficult unless one wants to do it without adversely affecting the company, either by hurting customer service (and thereby decreasing revenue) or by increasing operating costs. A specialty steel manufacturer was looking at ways to reduce inventory at its factories and at the same time, to improve customer service levels. Much of the inventory was in the form of work in process, and looking around the sprawling factory, I could easily understand why management believed that there was excess WIP: ingots of partially ...

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