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Inventory Management

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Inventory Management
Project Number:

MQP‐JZ‐1234

GE Aviation Inventory Management
A Major Qualifying Project submitted to the faculty of Worcester Polytechnic Institute in partial fulfillment of the requirements for the Degree of Bachelor of Science.

Submitted by: Danielle Fontaine Kimberly Martilla Lauren Russell Dr. Joe Zhu, Faculty Advisor

In Cooperation With: Project Liaison: John G. Pantazopoulos Materials Manager, GEAE‐Lynn, MA

This report represents the work of one or more WPI undergraduate students submitted to the faculty as evidence of completion of a degree requirement. WPI routinely publishes these reports on its web site without editorial or peer review. i

Abstract
Our GE Aviation Inventory Management project tasked us to create an inventory ‘faceplate’ tool that is user friendly and enables GE’s LMO team to quickly identify and react to material input schedules. The tool utilizes raw and work in progress (WIP) balances linked to cycle times and input schedules and suggests correct input material to fulfill customer schedules while driving inventory balances down.

ii

Acknowledgements

We would like to thank everyone in the LMO team at GE Aviation in Lynn, MA, especially our sponsor John Pantazopoulos for all of his help and insight. We would also like to thank our Advisor Dr. Joe Zhu.

iii

Authorship Page
Danielle Fontaine, Kimberly Martilla, and Lauren Russell contributed equally to the creation of this report.

iv

Table of Contents
Abstract ................................................................................................................................... ii Acknowledgements ................................................................................................................ iii Authorship Page



Cited: Al-Salamah, Dr. Muhammad. "ABC Inventory Control." 14 February 2011. King Fahd University of Petroleum and Minerals- Faculty Pages. February 2011 . Andrew Goldman for Gaebler Ventures. "Pareto Analysis: ABC Inventory." 2001-2011. gaebler.com- Resources for Entrepreneurs. January 2011. AutoInc. Magazine. Can You Profit From Improved Inventory Control? 3 March 1996. Barron 's Educational Series Inc. "Abc Method." 2000. Dictionary of Business Terms. February 2011 . Burton, E. James and Steven M Bragg. Sales and Operations for Your Small Business. Hoboken, NJ: John Wiley and Sons, 2000. BusinessDictionary. "Material Requirements Planning (MRP-MRP-I)." 2011. BusinessDictionary.com. January 2011 . Current Directions Inc. "Vendor Managed Inventory." 2011. Current Directions Inc. January 2011 . Draganfly Innovations Inc. "How RC Jet Engines Work." 2008. Draganfly Innovations. February 2010 . Encyclopedia, Reference For Business. Inventory Management - levels, system, model, type, business, system, What is inventory?, Why keep inventory?, Controlling inventory, Balancing inventory and costs, Other lot-sizing techniques. 2011. January 2011 . Finntrack. "Learning Operations and Productivity- Capacity Planning." 2010. EDU-Finntrack. February 2011 . General Electric. "2009 Annual Report." 2009. GE: Imagination at Work. December 2010 . —. "Engines 101." 2011. GE Aviation. January 2011 . —. "GE Aviaiton Factsheet." 2011. GE Aviation. January 2011 . —. "GE Organization Chart." 2011. GE: Imagination at Work. January 2011 . 44    Hamlett, Kenneth. Methods for Inventory Control. 2011. January 2011 . Harmon, Jane. "What is LIFO and FIFO?" 11 February 2011. wiseGEEK. February 2011 . Hedrick, Floyd D. "Inventory Management." Management and Planning Series (2010): 1-5. husdal.com. "Less supply chain disruptions with vendor managed inventory?" 20 February 2009. Supply Chain Risk Research and Literature Review. January 2011 . Institute for Working Futures. "Basic inventory decisions and EOQ." 2011. The Institute for Working Futures. January 2011 . Investopedia. Investopedia- Inventory Turnover Definition. 2011. January 2011. Keasler, Constance. "Definition of ERP Systems." 2011. eHow.com. February 2011 . University of Portsmouth. "cnfolio.com." 2010. Inventory and network models. January 2011 . Vendor Managed Inventory. "Definition of Vendor Managed Inventory." 2011. Vendor Managed Inventory.com. February 2011 . World News Network. "Turbofan Engine." 2011. World News. January 2011 . Pantazopoulos, John (2010). Optimized Welcome To GE Lynn JP ABRIDGED PowerPoint 45

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