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From Operational to Financial Evaluation of Manufacturing Systems

In: Handbook of Stochastic Models and Analysis of Manufacturing System Operations

Author

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  • Nico J. Vandaele

    (Katholieke Universiteit Leuven)

Abstract

Modeling of manufacturing systems is a well-established field with growing importance and an increasing body of knowledge. With this maturity, the interdisciplinary motivation rises where the technical aspects of the analysis of manufacturing systems have to be embedded in the economic reality of decision making of an organization. We do not only want to evaluate the operational performance of a manufacturing system, but also want to integrate the financial aspects in the modeling itself, so that operational decisions for the best development and/or the best improvements are simultaneously supported by sound financial considerations. In this chapter we go beyond the traditional cost models and we set a first step towards this challenge with the study of lot sizing and overtime within the field of stochastic models of manufacturing systems.

Suggested Citation

  • Nico J. Vandaele, 2013. "From Operational to Financial Evaluation of Manufacturing Systems," International Series in Operations Research & Management Science, in: J. MacGregor Smith & Barış Tan (ed.), Handbook of Stochastic Models and Analysis of Manufacturing System Operations, edition 127, chapter 0, pages 345-368, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-6777-9_11
    DOI: 10.1007/978-1-4614-6777-9_11
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