Inventory management of steel plates at an oil rig construction company
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2006.
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| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2007
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| Online Access: | http://hdl.handle.net/1721.1/38287 |
| _version_ | 1826192082383929344 |
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| author | Tan, Chien Yung |
| author2 | Stephen C. Graves and David Hardt. |
| author_facet | Stephen C. Graves and David Hardt. Tan, Chien Yung |
| author_sort | Tan, Chien Yung |
| collection | MIT |
| description | Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2006. |
| first_indexed | 2024-09-23T09:06:00Z |
| format | Thesis |
| id | mit-1721.1/38287 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T09:06:00Z |
| publishDate | 2007 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/382872022-01-13T07:54:36Z Inventory management of steel plates at an oil rig construction company Tan, Chien Yung Stephen C. Graves and David Hardt. Massachusetts Institute of Technology. Dept. of Mechanical Engineering. Massachusetts Institute of Technology. Department of Mechanical Engineering Mechanical Engineering. Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2006. Includes bibliographical references (leaf 67). Keppel Fels produces make-to-order oil exploration rigs for the global market. Each rig requires close to 6000 metric tons of steel in the course of its production. Optimal management of this steel is very critical in this line of business. However, in recent years, demand for these rigs has been increasing at a tremendous rate and previous steel management policies are fast becoming unable to cope with this surge of demand. The thesis first looks at characterizing the nature of the demand of steel plates in the company. This led to the identification of key factors of demand, resulting in a classification system of the steel plates according to their demand behavior. This system further led to the crafting of various policies to manage the risks involved in the procurement of the steel plates. We propose to use the newsboy model to minimize the inventory costs, subject to uncertain demand. The conclusion of the thesis presents the optimized steel plate procurement quantities for the company. by Chien Yung Tan. M.Eng. 2007-08-03T18:25:52Z 2007-08-03T18:25:52Z 2006 2006 Thesis http://hdl.handle.net/1721.1/38287 153294252 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 71 leaves application/pdf Massachusetts Institute of Technology |
| spellingShingle | Mechanical Engineering. Tan, Chien Yung Inventory management of steel plates at an oil rig construction company |
| title | Inventory management of steel plates at an oil rig construction company |
| title_full | Inventory management of steel plates at an oil rig construction company |
| title_fullStr | Inventory management of steel plates at an oil rig construction company |
| title_full_unstemmed | Inventory management of steel plates at an oil rig construction company |
| title_short | Inventory management of steel plates at an oil rig construction company |
| title_sort | inventory management of steel plates at an oil rig construction company |
| topic | Mechanical Engineering. |
| url | http://hdl.handle.net/1721.1/38287 |
| work_keys_str_mv | AT tanchienyung inventorymanagementofsteelplatesatanoilrigconstructioncompany |