Designing for manufacturing flexibility: a newsvendor approach

Layek L. Abdel-Malek, Nathapol Areeratchakul and Mojisola K. Otegbeye

International Journal of Industrial and Systems Engineering, 2006, vol. 1, issue 1/2, 201-220

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.

Keywords: manufacturing flexibility; newsvendor problem; optimal flexibility levels; flexible manufacturing; equipment selection; supply chain flexibility; supply chain management; SCM; manufacturing systems design; healthcare systems design. (search for similar items in EconPapers)
Date: 2006
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