Quantifying opportunity costs associated with adding manufacturing flexibility

Quantifying opportunity costs associated with adding manufacturing flexibility

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Article ID: iaor1990886
Country: United Kingdom
Volume: 28
Issue: 6
Start Page Number: 1183
End Page Number: 1194
Publication Date: Jun 1990
Journal: International Journal of Production Research
Authors: ,
Abstract:

Opportunity costs associated with adding manufacturing flexibility are one of the most important manufacturing performance measures of factory automation. Opportunity costs consist of the nonconventional costs of set-up, part waiting, equipment idle and inventory, which measure product, process, equipment and demand flexibility, respectively. The nonconventional costs are estimated using a computer simulation. An example shows the cost estimtion procedure.

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