Designing for manufacturing flexibility: a newsvendor approach
by Layek L. Abdel-Malek, Nathapol Areeratchakul, Mojisola K. Otegbeye
International Journal of Industrial and Systems Engineering (IJISE), Vol. 1, No. 1/2, 2006

Abstract: 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.

Online publication date: Tue, 21-Feb-2006

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