Prasad, K. G. Durga Subbaiah, K. Venkata Rao, K. Narayana
Year of Publication:
[Journal:] Journal of Industrial Engineering International [ISSN:] 2251-712X [Volume:] 10 [Year:] 2014 [Pages:] 1-12
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.
Product design Cost management Quality function deployment Value engineering Target costing Multi-objective optimization Goal programming