Competitive Advantages
- The provided model has been statistically evaluated to be of a very high quality and can predict returns with high degree of accuracy.
- The designed model is based on real process data and can be used in any production process, provided the data is available.
- The calculated index factor can be helpful to make the correct decisions in monitoring a production process to increase the return for a particular period.
Summary
Currently, for monitoring the production process companies compare their revenue with the actual cost incurred in the production of a product. However, the returns in the production process are not dependent on these two factors but involve an interplay of multiple variables. Our researchers, using real data, have developed a system and a method on a model that can estimate production returns with 99% accuracy. A stochastic analytical model monitors the returns of the production and is developed using real data and is applicable to any company, once its data is available. The model is based on the nonhomogeneous poison theory and can estimate the production returns. This model identifies the individual risk factors, which are ranked according to weights related to the risk involved for a given factor and their interaction with the production returns. Further, an index factor β is estimated from the real data that could predict whether the returns of the production would increase, decrease, or remain the same.
Process for monitoring the production process of a product
Desired Partnerships
- License
- Sponsored Research
- Co-Development