How would you use data mining and a tool to reduce airplane part costs?

Directions: both are discussions and two different classmates responseIf you were an operations manager for a large airplane manufacturing plant, how would you use data mining and a tool to reduce airplane part costs? Give an example.8/22/23, 9:52 PM As an operations manager within an aircraft manufacturing plant, my approach would be to strategically harness data mining techniques and specialized tools to optimize operations and curtail expenses. This multifaceted strategy encompasses several pivotal steps.First and foremost, I’d kickstart an exhaustive data collection process, casting a wide net across various organizational sources. This data compilation would form the bedrock upon which our cost-saving initiatives would be built.Subsequently, we’d leverage the capabilities of data mining methodologies to ferret out the primary culprits behind our expenditure. This might entail the precise identification of costly components or processes that consistently inflate our operational outlays.Simultaneously, we’d embark on a meticulous evaluation of our supplier network, scrutinizing performance metrics to distinguish those suppliers that proffer both reliability and cost-effectiveness.To further bolster our cost-efficiency endeavors, we’d implement predictive maintenance protocols. By harnessing data-driven analysis, we’d gain the foresight to anticipate equipment failures, thereby mitigating unplanned maintenance costs.Our inventory management practices would undergo a transformation, meticulously calibrated to synchronize stock levels with actual demand, thus forestalling overstocking and minimizing associated carrying costs.Running in parallel with these undertakings, we’d maintain a vigilant eye on our production processes, intent on uncovering and rectifying bottlenecks and inefficiencies.Armed with data-backed insights, our negotiations with suppliers would gain an additional layer of resilience, empowering us to secure more favorable pricing agreements.In conclusion, we’d cultivate a culture of perpetual enhancement, driven by a ceaseless analysis of data to unearth fresh avenues for cost reduction and process refinement. To illustrate, if data mining were to unveil persistently expensive and defect-prone rivets, we’d collaborate closely with our engineering team. Together, we’d embark on an exploration of alternative rivet designs or materials that not only yield cost savings but also adhere to stringent safety standards. This unwavering commitment to ongoing improvement ensures sustained cost reduction while upholding the highest echelons of quality and safety within the realm of aircraft manufacturing.Imagine that you are an operations manager of a large business that produces large amounts of popular paper towels; this is the only US production plant located in the Midwest. Because of a recently considerable increase in paper towel demand, you have to consider whether or not to open another production line producing additional paper towels. What information must the data analyst collect using customer polling in social media and the internet to understand future paper towel demand in the US? Also discuss what other options you have other than adding one production line at the plant to produce more paper towels?