Preparing the leaders of tomorrow to apply innovative technological solutions in improving real-world activities has become an urgent requirement for higher institutions interested in fostering real-world experiences in academia. The much-awaited Simio Student Competition 2021 is, once again, is here and it provides departments of educational institutions offering simulation modeling and scheduling courses with the best opportunity to witness your students compete with their peers from top-tier universities across the globe.
Purpose of the Student Competition
Interacting with friends, trading ideas within exciting physical and digital environments while solving scheduling and operations optimization problems is the broad purpose of Simio Student Competition. Although competing with like minds from diverse institutions is the purpose, having fun collaborating with expectations of winning great prizes is the game.
Like the previous iterations of Simio Student Competitions, the May 2021 competition intends to test your understanding of simulation modeling and scheduling, as well as, your ability to apply the Simio Software to solve real-world problems and optimize industrial systems. The competition will cultivate students ability to work in teams, asses factory operational systems, and develop solutions to improve selected key performance indexes (KPIs)…just as a scheduling manager, project manager or production manager will be tasked with within the average factory floor.
Student teams who which to compete are expected to be registered into the Simio May 2021 Student Competition by their instructor. Early registration comes with a discount and instructors are encouraged to register their students early to take advantage of the free access to Simio Software. Student teams should consist of two to four undergraduate individuals while graduate students or teams should consist of two individuals.
You can learn more about registering for Simio May 2021 Student Competition: https://www.simio.com/academics/student-competition/
Problem Overview of the Contest
The theme is a struggling shelving shop which produces material handling equipment or shelves of diverse shapes and sizes. The shop is currently struggling with fulfilling its orders leading to poor customer service levels and a reduction in its revenues. The task is to change the shelving shops fortunes through an optimized Demand Driven Materials Requirement Plan and your consulting team has been given this task.
Technical Problem Overview: The Simio Shelving Shop is a shelving manufacturer and wholesaler specializing in several types of shelving units with design variations. The shop is currently experiencing low order fill rates, affecting the shop’s bottom line. Management recently hired an outside consultant to provide recommendations for revamping the inventory and buffering system. The consultant recommended a new buffering and inventory paradigm, Demand Driven Materials Requirement Planning (DDMRP), to address the rampant stockout issue.
The factory currently uses static buffer levels, where all stations have a fixed amount of raw material buffered at their station, and the factory maintains a fixed number of each end item ready to ship. The current buffering method, combined with variations in lead time and quality throughout the factory and its suppliers, drives stockouts of finished goods and raw material. Management embraced the consultant’s recommendation to incorporate a DDMRP buffering solution into the factory because they are convinced that a dynamic buffering solution will improve a collection of selected Key Performance Indicators (KPIs), especially fill rate and average inventory cost. As a secondary objective, management also seeks better methods of monitoring risk in the buffer levels, which the DDMRP buffer profiles will provide.
The challenge is to set up dynamic DDMRP buffers in the factory. This will include leveraging pre-existing data from Sales, Quality, machines, and suppliers to first determine the locations of the buffers, then fine-tune the buffer parameters to improve the selected KPIs. After the buffers are integrated, management wants to predict the change in the factory’s KPIs. Additionally, management would like to reevaluate potential suppliers, which have varying lead times and product quality. This assessment will include recreating optimal buffers for the potential suppliers to determine the impact the supplier could have on the company’s fill rate and average inventory costs.
Take Up the Challenge Today
Simio May 2021 Student Competition can be the perfect avenue to test your students’ critical problem-solving skills using Simio Software, as well as, serve as the final test for college simulation and scheduling coursework. Whatever the case may be two things are guaranteed; having a lot of fun competing with the best and the option of wining prizes totaling $5500.