The introduction of changeable production systems increases the adaptability of factories in the presence of a company’s uncertain environment. In this work, the evaluation of the economic efficiency of such systems is analysed using the real options theory and a lattice-approach. The developed methodology proposes a structured valuation process for selecting and modelling options related to production engineering and to factory planning. Based on a classification of the possible modifications of a production system, the derivation of option profiles is described. Considering the existing uncertainty of the company’s environment these profiles may be utilised to identify real options which ought to be included when valuating a technical production system design. The proposed methodology is feasible for such measures leading to immediate adaptations of a production system as well as for those becoming effective with time lags. The elaborated valuation process is implemented in a newly developed software tool which is illustrated in this work, too.
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The introduction of changeable production systems increases the adaptability of factories in the presence of a company’s uncertain environment. In this work, the evaluation of the economic efficiency of such systems is analysed using the real options theory and a lattice-approach. The developed methodology proposes a structured valuation process for selecting and modelling options related to production engineering and to factory planning. Based on a classification of the possible modifications o...
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