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Statistical analysis leads to working-capital reductions

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<mark>Journal publication date</mark>2001
<mark>Journal</mark>Oil and Gas Journal
Issue number4
Volume99
Number of pages3
Pages (from-to)52-54
Publication StatusPublished
<mark>Original language</mark>English

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.