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Data science & AI

Advanced analytics for value & cost engineering

Quantifying potential for manufacturing cost reduction based on value & cost engineering at an international mechanical engineering company.

Project content

  • Defining objectives, scope and deliverables
  • Providing and extracting data (bills of materials, drawings, specifications, manufacturing costs for material and production, production plans, etc.)
  • Preparing the data and building the data pipeline (Medallion architecture)
  • Analysing and modelling the data (exploratory data analysis)
  • Machine-based derivation of functional structure and costs, classification of components and assemblies
  • Online analysis of value, utility and importance/significance of functions for customers
  • Benchmarking manufacturing costs of in-house and purchased parts using parametric cost estimation
  • Preparing the results in BI dashboards (Power BI)
  • Quantifying and assessing cost reduction potential
  • Planning and initiating implementation

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