This paper presents a risk-informed Monte-Carlo simulation approach for effective decision making by considering optimal product configuration design and the risk models for the product design. The proposed approach is demonstrated through an industrial case study by assessing the influence of inaccuracy in demand forecast identified as a high likelihood risk event on the total lifecycle profit for different optimal designs of a toner cartridge. The result provides valuable information to product designers and decision makers on the sensitivity of total lifecycle cost benefits feasible from different optimal designs in the event of a perceived high risk.
|Number of pages||8|
|State||Published - 2020|
|Event||17th Global Conference on Sustainable Manufacturing 2019 - Shanghai, China|
Duration: Oct 9 2019 → Oct 11 2019
Bibliographical noteFunding Information:
This work was partially supported by funding from the Digital Manufacturing and Design Innovation Institute (DMDII) [grant number 15 -05-08].
© 2020 The Authors. Published by Elsevier B.V.
- Monte-Carlo simulation
- Product design
- decision making
- risk-informed design
- total lifecycle
ASJC Scopus subject areas
- Industrial and Manufacturing Engineering
- Artificial Intelligence