International Journal of Industrial and Systems Engineering · 2006 · 13 citations · 17 references
ManagementIndustrial EngineeringSupply Chain ManagementManufacturing SystemsProduction EngineeringProduction PlanningFlexibility StrategyFlexible Manufacturing SystemsManufacturing ConstraintsManufacturing StrategyProduction ConstraintsStrategic FlexibilityFlexibilityFlexibility In Production SystemsFlexibility OptimizationFlexibility Under UncertaintyFlexible ManufacturingFlexible Production SystemsManufacturingSupply Chain Flexibility
With today's fast paced technology advancement, flexibility has emerged as a strategic imperative for the viability of business enterprises. Central to the success of any flexibility initiative, is the prudent design and selection of production systems to meet the needs of a concern in an uncertain environment. In this paper, we extend the newsvendor problem to optimise the selection of equipments for different flexibility classes and present a numerical example to show the application of the developed model. Though geared towards manufacturing, the model can be extended to other areas such as that of supply chain flexibility.
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