Multi-objective optimization approach for cost management during product design at the conceptual phase

Subject Areas : Mathematical Optimization

K. G. Durga Prasad ¹ , K. Venkata Subbaiah ² , K. Narayana Rao ³

1 - Department of Mechanical Engineering, School of Engineering, G.V.P. Technical Campus, Gayatri Vidya Parishad College for Degree and P.G. Courses, Vishakhapatnam, India
2 - Department of Mechanical Engineering, Andhra University, Vishakhapatnam, India
3 - Department of Mechanical Engineering, Govt. Polytechnic, Paderu, India

Received: 2020-10-02 Accepted : 2020-10-02 Published : 2014-04-01

Keywords: Product design  Cost management  Quality function deployment  Value engineering  Target costing  Multi, objective optimization  Goal programming,

Abstract :

The effective cost management during the conceptual design phase of a product is essential to develop a product with minimum cost and desired quality. The integration of the methodologies of quality function deployment (QFD), value engineering (VE) and target costing (TC) could be applied to the continuous improvement of any product during product development. To optimize customer satisfaction and total cost of a product, a mathematical model is established in this paper. This model integrates QFD, VE and TC under multi-objective optimization frame work. A case study on domestic refrigerator is presented to show the performance of the proposed model. Goal programming is adopted to attain the goals of maximum customer satisfaction and minimum cost of the product.