Optimization of safety stock level in a manufacturing company
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For final project, I worked with a furniture manufacturing company which name is ECZACIBASI VİTRA. I collaborated with production department and manufacturing manager for this project. In this Project the target was to find optimum safety stock level acording to uncertain demand. Firstly, actual sales data was analyzed and forecast accuracy was controlled.Then, ABC analysis was implemented all materials to find critical products. Materials were categorized according to annual sales value. Then, lead time was analyzed for materials and service level was determined. Service levels were assigned in a way that, the more critical product gets higher service level.Next, inventory model was decided according to unceartinity of the demand.This model was stochastic and covered unceartiny of the demand.The model determined an expected monthly demand for each product, a safety stock amount for each product and reorder point.
My project is about inventory management and completed in June, 2013.