Equipment flexibility vs. inventory: A simulation study of manufacturing systems

Equipment flexibility vs. inventory: A simulation study of manufacturing systems

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Article ID: iaor20013291
Country: Netherlands
Volume: 70
Issue: 2
Start Page Number: 125
End Page Number: 143
Publication Date: Jan 2001
Journal: International Journal of Production Economics
Authors: , ,
Keywords: simulation: applications, equipment
Abstract:

Technological flexibility requires very high initial investments and therefore a decision to acquire it is both risky and strategic in nature. The objective of this paper is to find out the technological flexibility requirements in just-in-time manufacturing under different environmental situations. The simulation results show that the incorporation of flexibility in a manufacturing system is vital. The choice of the extent of flexibility is driven by the market and economic factors.

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