An integrated approach to optimize design, marketing, and manufacturing objectives during product development
Conference Paper
Overview
Overview
abstract
For manufacturing companies, delivering a family of successful products in a timely manner and at an affordable price is essential for sustaining their long term economic success. Obviously, the economic success of any enterprise depends on many internal and external factors. Such factors include, but not limited to, time-to-market, product price, process capability and capacity, and market demand. While there are numerous studies available in the published literature that deal with these issues on an individual basis, very few studies have taken an integrated approach to optimize the multiple issues simultaneously during product development (PD). In particular, to our knowledge, there is clearly a gap in the extant PD and manufacturing literature for a study that combines marketing, manufacturing, process capability, and product family design strategies to optimize the overall profitability of a manufacturing enterprise. This paper presents an integrated framework based on stochastic optimization model to maximize the overall profit of an enterprise by considering the factors related to marketing, manufacturing, design, and product commonality. Most importantly, this approach will provide the engineering managers with much needed visibility and decision support tool in formulating optimal strategy for developing family of products at a lower cost and in shorter development time. Furthermore, we also consider a multi-dimensional commonality index while optimizing the above-mentioned product development decisions. An illustrative example is presented in the paper to demonstrate the efficacy of the proposed model. Copyright, American Society for Engineering Management, 2014.
2014 International Annual Conference of the American Society for Engineering Management - Entrepreneurship Engineering: Harnessing Innovation, ASEM 2014
