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From Operational to Financial Evaluation of Manufacturing Systems

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Handbook of Stochastic Models and Analysis of Manufacturing System Operations

Part of the book series: International Series in Operations Research & Management Science ((ISOR,volume 192))

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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.

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Author information

Authors and Affiliations

  1. Faculty of Business and Economics, Katholieke Universiteit Leuven, Naamsestraat 69, 3000, Leuven, Belgium

    Nico J. Vandaele

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  1. Nico J. Vandaele
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Correspondence to Nico J. Vandaele .

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Editors and Affiliations

  1. , MIE Department, University of Massachusetts Amherst, Governors Drive 160, Amherst, 01003, Massachusetts, USA

    J. MacGregor Smith

  2. College of Admin. Sciences & Econ., Koç University, Rumelifeneri Yolu, Sarıyer, 34450, Istanbul, Turkey

    Barış Tan

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Vandaele, N.J. (2013). From Operational to Financial Evaluation of Manufacturing Systems. In: Smith, J., Tan, B. (eds) Handbook of Stochastic Models and Analysis of Manufacturing System Operations. International Series in Operations Research & Management Science, vol 192. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-6777-9_11

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