Economical Analysis of this research

This research also focused to reduce the total loss for producing Ductile Iron
casting components in a batch. Average manufacturing cost of a casting component is
taken as Rs.800/- for this study for a batch size of 100 components.

Initially, it was observed that the total loss of Rs.13,560/- for manufacturing of
100 Ductile Iron components. But, after the implementation of proper methodologies
total loss is considerably reduced from the initial observation. It is tabulated in Table .
Table shows that Taguchi’s Methodology is 66.73%, Genetic Algorithm is 73.4%,
Simulated Annealing Algorithm is 69.8% and Particle Swarm Algorithm is 70.86%
cost effective compared with the initial rejection rate in the Ductile Iron foundry.

Total Loss for

Cost effectiveness
Various Rejection Manufacturing
compared with the
Methods Percentage 100
Initial observation
components
Initial
16.95% Rs. 13,560 ---
Observation
Taguchi’s
5.64% Rs.4512 66.73%
Methodology
Genetic
4.51% Rs.3608 73.4%
Algorithm
Simulated
Annealing 5.12% Rs.4,096 69.8%
Algorithm
Particle
Swarm 4.94% Rs.3,952 70.86%
Algorithm