Statistical analysis leads to working-capital reductions

Cleary, Tom and Sleight, Allan and Jonathan, Philip and Blackhurst, Paul and den Heijer, Kees (2001) Statistical analysis leads to working-capital reductions. Oil and Gas Journal, 99 (4). pp. 52-54. ISSN 0030-1388

Abstract

A statistical approach was adopted to analyze scheduling, stock management and process optimization within general manufacturing processes. The approach applicable to nonstationary tankage optimized run lengths and product quality for multimode and batch processes. Studies carried out on Stanlow refinery identified significant improvements in stock handling efficiency by the reduction of stock levels and storage facilities.