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Measuring flexibility in investment decisions for manufacturing systems

Abele, Eberhard and Liebeck, Tobias and Wörn, Arno (2006):
Measuring flexibility in investment decisions for manufacturing systems.
In: CIRP Annals - Manufacturing Technology, Elsevier, Manchester, pp. 433-436, 55/1, [Article]

Item Type: Article
Erschienen: 2006
Creators: Abele, Eberhard and Liebeck, Tobias and Wörn, Arno
Title: Measuring flexibility in investment decisions for manufacturing systems
Language: English
Journal or Publication Title: CIRP Annals - Manufacturing Technology, Elsevier, Manchester
Volume: 55/1
Divisions: 16 Department of Mechanical Engineering
16 Department of Mechanical Engineering > Institute of Production Management, Technology and Machine Tools (PTW)
Date Deposited: 20 Nov 2008 08:28
License: [undefiniert]
Alternative keywords:
Alternative keywordsLanguage
Flexibility, Decision Making, Manufacturing SystemUNSPECIFIED
Alternative Abstract:
Alternative abstract Language
Investment decisions for manufacturing systems are primarily based on three characteristics: cost of purchase and operation, cycle time in connection with maximum capacity and achievable work piece quality. However, such considerations neglect another important criterion: the flexibility that allows a manufacturing system to adapt to future production requirements and structures. The major barrier in integrating flexibility into the decision-making process is the difficulty to measure and compare it due to upcoming production scenarios that are not ultimately definable. Therefore, this paper presents a methodical concept for the evaluation of manufacturing systems using real options in order to incorporate flexibility in the decisionmaking process.UNSPECIFIED
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