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Optimal investment policies in premature manufacturing technologies

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  • Steven Peters

Abstract

Mass customisation, increasing complexity and variety of new products as well as ongoing global competition force companies to use innovative manufacturing technologies. However, the way from a new and premature manufacturing technology towards its application in series production at the level of operational excellence is challenging. Recent examples in the automotive industry, such as alternative powertrains and new body concepts for lightweight design, have shown the necessity to integrate production research into the very early phase of product development – going far beyond established approaches of simultaneous engineering. This paper presents an optimisation method which enables companies to find the best point in time to start investing in a new premature manufacturing technology during product development. Therefore, a dynamic and stochastic model is used based on a Markovian decision process. Finally, the method is applied in an example of a manufacturing technology for the automotive industry.

Suggested Citation

  • Steven Peters, 2015. "Optimal investment policies in premature manufacturing technologies," International Journal of Production Research, Taylor & Francis Journals, vol. 53(13), pages 3963-3974, July.
    • Handle: RePEc:taf:tprsxx:v:53:y:2015:i:13:p:3963-3974
    DOI: 10.1080/00207543.2014.980455
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