Seven students of the ESB Business School explored within a semester project different options for the immediate pricing of CNC turned parts
In spring 2018, seven master students from Reutlingen University carried out a semester project in cooperation with fabrikado GmbH. The project was the ideal opportunity for the students of the master's programme "Operations Management" (MOM) to apply their knowledge to a actual project. The tasks of the project team were:
- Development of instant pricing methods for CNC turned parts
- Implementation of the developed methods in cooperation with a turning parts supplier
- Evaluation of the developed methods according to their accuracy
There were no limits to creativity, so there was complete autonomy in the project's development. One of the approaches chosen was a deterministic algorithm. However, this algorithm was not considered to be effective with complicated CNC turned parts. For further methods the students used approaches of machine learning.
The first results of the machine learning models were very good, as very small deviations from the reference prices could be achieved. From this point on, the students further optimized the machine learning models. The initial relative deviation from the actual price was around 26 %, but after some optimizations and tests the relative deviation was ultimately only 2 %. This proved that an instant price calculation of turned parts using machine learning models can be realized with a high degree of accuracy. The fabrikado team can now further improve this approach so that in the near future an instant price calculation for turned parts is also available our platform fabrikado.com.
The project has taken us a step closer to Industry 4.0 and we are very pleased with the results! The entire fabrikado team would like to thank all those involved in the project, especially the MOM students and the supervising professors!
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