For the Portfolio Project, you will engage in two iterations of the Littlefield Simulation, which involves managing a simulated factory environment. The simulation will take place on a website that you will enter with logon credentials to be provided to you in Module 2.
Your factory will have inputs, transformation processes, and outputs. You will have the ability to control certain parameters in the factory. Your objective will be to maximize the cash position of your factory, which is accomplished by minimizing the costs associated with inputs and the equipment used in the transformation processes, and maximizing output (which generates sales revenue).
In the simulation environment, one simulation day elapses for every hour in the real world. Each of the two iterations of the simulation will take one week in the real world, which translates to a much greater period of time in simulation days. The first iteration of the simulation will occur during Module 4, and the second will occur during Module 6. The simulation starts on Day 1 of each of these modules for all students, and simulation days elapse continuously for a week.
In the Option #1 Simulation Exercise, you will start with over $1M in cash; you will control only the number of machines in each station and the scheduling policy in Simulation Iteration 1. Then in Simulation Iteration 2, you will start with much less cash and will have control over lot size, pricing contract type for future orders, inventory reorder point, inventory reorder quantity, number of machines in each station, and scheduling policy.
This provides the opportunity to learn in a simplified operations environment before managing a more complicated operation.
However, you will not be able to directly compare your performance in Simulation Iteration 1 to that in Simulation Iteration 2, because the controllable parameters and starting cash positions will be significantly different.
In the Option #2 Simulation Exercise, both iterations of the simulation will be identical in terms of starting cash amount and controllable parameters. In both, you will start with approximately $100,000 in cash and will control lot size, pricing contract type for future orders, inventory reorder point, inventory reorder quantity, number of machines in each station, and scheduling policy.
This provides the opportunity to directly compare your final cash position results in the two iterations and to effectively have a second try at managing the exact same operation.
However, there will be a high level of complexity in both iterations of the simulation in terms of the number of parameters you can control.
Submit a 1-page paper to the Portfolio Project submissions area for Module 1 in which you:
- Indicate which Portfolio Project option you have selected for this course.
- Confirm that you have read the instructions for the Littlefield Simulation at the following URL: http://lt.responsive.net/lt/demo/littlefield.html.
- Confirm that you have read the instructions for each Interim Portfolio Project assignment throughout all modules of the course.
- Confirm that you have read the instructions found in Module 8 for the final Portfolio Project deliverable.