Real Options: an Application to RMS Investment Evaluation

Distributed intelligent control of exceptions in reconfigurable manufacturing systems

In order to react to the continuous and unpredictable changes in product demand, in product variety, and in process technologies, reconfigurable manufacturing systems allow quick adjustment of production capacity and functionality by rearranging or changing their modular components. In this kind of system, operation management issues, such as exception handling policies, become more complex since correct reconfiguration strategies have to be selected. This paper explores the potential of the reconfigurability feature to be a basis for the development of new strategies to handle out-of-the-ordinary events in the production process; in particular, maintaining production flow when machine brea…

Long term capacity decisions in uncertain markets for advanced manufacturing systems incorporating scope economies

Abstract By examining the literature in the field of manufacturing flexibility many researchers have located several form of flexibility by distinguishing them into strategic and operational flexibility forms. Furthermore, many measures and design methods have been proposed for flexible manufacturing systems. Surely scope economies are one of the most important strategic form of flexibility in manufacturing systems and their strategic impact has been acknowledged by the very beginning of the flexible manufacturing era. However, despite several researches are available to address scope economies measurement and design methodologies, very few researches investigate their economic convenience …