Overview
This 3-day seminar is offered to Engineers, Designers, Supervisor and Managers involved in plastics product development, tooling, equipment acquisition, process development, and project management. The course provides a comprehensive overview of the many operational and R&D elements and factors associated with plastics manufacturing, product development, and project management.
In order to run a successful product line or organization, a manager at any level must balance capabilities and capacity with limitations and, more importantly, organizational and financial objectives. This course covers and applies critical elements and impacts of product development costs, manufacturing costs, return on investment (tooling, project, equipment), and project management as well as other operations costs. Program metrics, project tracking and reporting, and exit strategies are also discussed, as well as how business decisions impact product development and design.
Content
Introduction
- Business fundamentals and an introduction to how and why successful businesses work; accounting and finance overview
Product Cost
- Process development and establishment; rates; yields; total manufacturing cost; profit
- Plastics product costing model development
- Impacts of mold cost, material cost, labor, processing, and other manufacturing costs in the plastics industry
Equipment Acquisition and Valuation
- Depreciation overview; depreciation techniques
- Buy vs. lease considerations
Time Value of Money
- Introduction to finance and how value changes over time; interest rates; compounding frequency; Present Value (PV); Future Value (FV); loan amortization; equivalence
Capital Recovery Techniques
- Payback, Net Present Value (NPV), and Internal Rate of Return (IRR)
Cash Flow Generation
- Assembling pieces into a working model
- Project planning; model creation for plastics manufacturing
Product Planning and Project Management
- Model applications; go / no-go criteria development; performance measurement; variance analysis
Case Studies
- New Products – Steps involved in decision-making; risk analysis
- Manufacturing Improvements – Capital investments; Return on Investment (ROI); time to capital recovery; exit strategies
Decision-Making and Project Management Tool Development
- Decision-making tools – specific to seminar attendee product, business, or industry
Lab Content
- Computer lab time to develop working models (daily)
Daily Schedule
| 8:00 – 8:30 |
Registration |
| 8:30 – 9:15 |
Introductions |
| 9:15 – 10:00 |
Overview of Business Fundamentals, Practices and Operations |
| 10:00-10:15 |
Break |
| 10:15 – 12:00 |
Cost and Cost Elements |
| 12:00 – 1:00 |
Lunch |
| 1:00 – 2:45 |
Cost Model Structure and Development |
| 2:45 – 3:00 |
Break |
| 3:00 – 4:30 |
Cost Model Creation (computer lab) |
| 4:30 – 5:00 |
Wrap-up |
| 8:30-9:15 |
Capital Equipment Acquisition and Depreciation |
| 9:15 – 10:00 |
Time Value of Money |
| 10:00-10:15 |
Break |
| 10:15 – 12:00 |
Equivalence and Loan Amortization |
| 12:00 – 1:00 |
Lunch |
| 1:00 – 2:45 |
Capital Recovery (NPV, IRR) |
| 2:45 – 3:00 |
Break |
| 3:00 – 4:30 |
Capital Recovery Model Creation (computer lab) |
| 4:30 – 5:00 |
Wrap-up |
| 8:30 – 10:00 |
Cash Flow |
| 10:00-10:15 |
Break |
| 10:15 – 12:00 |
Cash Flow Model Creation (computer lab) |
| 12:00 – 1:00 |
Lunch |
| 1:00 – 2:45 |
Cash Flow Model Development and Application (case) for Project Management; Communicating Decisions |
| 2:45 – 3:00 |
Break |
| 3:00 – 4:30 |
Cash Flow Model Application (case) and Presentations |
| 4:30 – 5:00 |
Wrap-up |
Instructor Bio
Bradley Mingels has over twenty-five (25) years of industry experience and includes roles ranging from Design Engineer to managing corporate divisions both in the U.S. as well as international. He has worked in multiple industries (polymer coating, injection molding, non-destructive testing, and electro-optics) at companies including Tyco International, ITW, and Honeywell as well as other smaller start-up ventures.
In parallel with industry experience, Bradley has been an adjunct faculty member in Mechanical and Industrial Engineering for over three (3) decades. He joined UML full time in 2018 and currently teaches courses which include Introduction to Engineering & Design, Engineering Data Analysis, Engineering Economics, and Capstone and well as other design and project management courses as required. He is also the UML Director of Workforce Development for the College of Engineering.
In addition to teaching, Bradley continues to consult in industry for project and program management as well as workforce development and seminar delivery. These efforts allow him to stay current with industry demands, practices, and trends, ensuring that techniques, tools, and academic offerings have the highest level of value and impact for students and trainees.