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Optimization of Mould Base Production using Ranked Positional Weighted Method and Single Minute Exchange of Die System

In the domain of intense global competition, the manufacturers are in need of producing different varieties of products. Successful manufacturing firms in the past have well produced the products based on the minimum amount of requirements in the market. This is so because of customer needs and economy rate is minimum in the past period of time. People like to use molded parts instead of using assembled component in the present days to survey in the market against competitors. So the manufacturer decides to produce a wide variety of mould bases for production and to satisfy the market needs. But the mould base manufacturing is not easier to produce the components to reach the market. It ought to be very much precised and devours more opportunity to produce the component by manufacturer to deliver that in an on-time to market. For this situation, the enterprise which produces distinctive mould bases needs to reduce the lead time is the major fundamental worry of the work. The primary target of this work is to decrease the setup time from 30 minutes to less than 20 minutes for each component. This cannot be accomplished without huge investment and to be versatile for manufacturing different mould parts. This needs special planning to manufacture different moulds. And the result obtained with the help of using Ranked Positional Weighted (RPW) method procedure for an entire operation to calculate the critical path of production of components and also use the Single Minute Exchange Die (SMED) to optimize the setup time in an operation. Results of the research signifies the application of ranking an operation with suitable methodological approach to reduce the cycle time of the production of component to satisfy the market needs