Title:Use of Simulations and Managerial Dashboards for Product Mix Decisions: Model and Case for MSMEYear: 2017

Authors: Dr. Prashant Barge, Dr. Shilpa Parkhi
Journal: International Journal of Exclusive Management Research
Publication date: Jan. 2017 Vol. 7 (1)
Publisher: Archers and Elevators
URL: click here


Production planning & control are the most important processes for any organization in manufacturing industry. The product mix decision in uncertain environment is very crucial for the organization to maintain profits and healthy financial status [3]. Such situations are occurring very frequently now a days because of volatile market conditions all over the world [1]. Nobody can remain unaffected from such effects because of many aspects of globalization. In such environment, the only thing to do is to empower the decision makers to take correct decisions any time when ever required. For that matter every decision maker right from shop floor engineer to senior managers should have skills to understand the data and information to take such decisions which affects financial health of the organization. This Case Study model aims to empower the production managers forproduct mix decisions quickly and able to do simulations to get maximum profits for the organization. The model uses Excel Solver facility with using proper templates to simulate and achieve best results in such cases. This model is very useful for SME, MSME as well as all functional managers working in the MNC’s because everyone at his desk/laptop uses MS-Excel for managing and analyzing his data. This also helps to improve efficiency and accuracy in taking decisions for the managers in any function.