A real options approach to value manufacturing flexibilities with regime-switching product demand

Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of produc...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Wahab, M. I. M. [verfasserIn] Lee, C. -G. Sarkar, P.

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2022

Schlagwörter:	Real options valuation Lattice approach Regime switching Flexibility

Anmerkung:	© Crown 2022

Übergeordnetes Werk:	Enthalten in: International journal of flexible manufacturing systems - [S.l.] : Proquest, 1988, 35(2022), 3 vom: 27. Apr., Seite 864-895
Übergeordnetes Werk:	volume:35 ; year:2022 ; number:3 ; day:27 ; month:04 ; pages:864-895

Links:	Volltext

DOI / URN:	10.1007/s10696-022-09450-1

Katalog-ID:	SPR053087275

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allfields	10.1007/s10696-022-09450-1 doi (DE-627)SPR053087275 (SPR)s10696-022-09450-1-e DE-627 ger DE-627 rakwb eng Wahab, M. I. M. verfasserin (orcid)0000-0002-5458-0886 aut A real options approach to value manufacturing flexibilities with regime-switching product demand 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © Crown 2022 Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213 Lee, C. -G. aut Sarkar, P. aut Enthalten in International journal of flexible manufacturing systems [S.l.] : Proquest, 1988 35(2022), 3 vom: 27. Apr., Seite 864-895 (DE-627)27118101X (DE-600)1479530-9 1572-9370 nnns volume:35 year:2022 number:3 day:27 month:04 pages:864-895 https://dx.doi.org/10.1007/s10696-022-09450-1 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_152 GBV_ILN_161 GBV_ILN_171 GBV_ILN_187 GBV_ILN_224 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2009 GBV_ILN_2027 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4126 AR 35 2022 3 27 04 864-895
spelling	10.1007/s10696-022-09450-1 doi (DE-627)SPR053087275 (SPR)s10696-022-09450-1-e DE-627 ger DE-627 rakwb eng Wahab, M. I. M. verfasserin (orcid)0000-0002-5458-0886 aut A real options approach to value manufacturing flexibilities with regime-switching product demand 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © Crown 2022 Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213 Lee, C. -G. aut Sarkar, P. aut Enthalten in International journal of flexible manufacturing systems [S.l.] : Proquest, 1988 35(2022), 3 vom: 27. Apr., Seite 864-895 (DE-627)27118101X (DE-600)1479530-9 1572-9370 nnns volume:35 year:2022 number:3 day:27 month:04 pages:864-895 https://dx.doi.org/10.1007/s10696-022-09450-1 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_152 GBV_ILN_161 GBV_ILN_171 GBV_ILN_187 GBV_ILN_224 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2009 GBV_ILN_2027 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4126 AR 35 2022 3 27 04 864-895
allfields_unstemmed	10.1007/s10696-022-09450-1 doi (DE-627)SPR053087275 (SPR)s10696-022-09450-1-e DE-627 ger DE-627 rakwb eng Wahab, M. I. M. verfasserin (orcid)0000-0002-5458-0886 aut A real options approach to value manufacturing flexibilities with regime-switching product demand 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © Crown 2022 Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213 Lee, C. -G. aut Sarkar, P. aut Enthalten in International journal of flexible manufacturing systems [S.l.] : Proquest, 1988 35(2022), 3 vom: 27. Apr., Seite 864-895 (DE-627)27118101X (DE-600)1479530-9 1572-9370 nnns volume:35 year:2022 number:3 day:27 month:04 pages:864-895 https://dx.doi.org/10.1007/s10696-022-09450-1 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_152 GBV_ILN_161 GBV_ILN_171 GBV_ILN_187 GBV_ILN_224 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2009 GBV_ILN_2027 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4126 AR 35 2022 3 27 04 864-895
allfieldsGer	10.1007/s10696-022-09450-1 doi (DE-627)SPR053087275 (SPR)s10696-022-09450-1-e DE-627 ger DE-627 rakwb eng Wahab, M. I. M. verfasserin (orcid)0000-0002-5458-0886 aut A real options approach to value manufacturing flexibilities with regime-switching product demand 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © Crown 2022 Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213 Lee, C. -G. aut Sarkar, P. aut Enthalten in International journal of flexible manufacturing systems [S.l.] : Proquest, 1988 35(2022), 3 vom: 27. Apr., Seite 864-895 (DE-627)27118101X (DE-600)1479530-9 1572-9370 nnns volume:35 year:2022 number:3 day:27 month:04 pages:864-895 https://dx.doi.org/10.1007/s10696-022-09450-1 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_152 GBV_ILN_161 GBV_ILN_171 GBV_ILN_187 GBV_ILN_224 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2009 GBV_ILN_2027 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4126 AR 35 2022 3 27 04 864-895
allfieldsSound	10.1007/s10696-022-09450-1 doi (DE-627)SPR053087275 (SPR)s10696-022-09450-1-e DE-627 ger DE-627 rakwb eng Wahab, M. I. M. verfasserin (orcid)0000-0002-5458-0886 aut A real options approach to value manufacturing flexibilities with regime-switching product demand 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © Crown 2022 Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213 Lee, C. -G. aut Sarkar, P. aut Enthalten in International journal of flexible manufacturing systems [S.l.] : Proquest, 1988 35(2022), 3 vom: 27. Apr., Seite 864-895 (DE-627)27118101X (DE-600)1479530-9 1572-9370 nnns volume:35 year:2022 number:3 day:27 month:04 pages:864-895 https://dx.doi.org/10.1007/s10696-022-09450-1 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_152 GBV_ILN_161 GBV_ILN_171 GBV_ILN_187 GBV_ILN_224 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2009 GBV_ILN_2027 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4126 AR 35 2022 3 27 04 864-895
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author	Wahab, M. I. M.
spellingShingle	Wahab, M. I. M. misc Real options valuation misc Lattice approach misc Regime switching misc Flexibility A real options approach to value manufacturing flexibilities with regime-switching product demand
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topic_title	A real options approach to value manufacturing flexibilities with regime-switching product demand Real options valuation (dpeaa)DE-He213 Lattice approach (dpeaa)DE-He213 Regime switching (dpeaa)DE-He213 Flexibility (dpeaa)DE-He213
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topic_unstemmed	misc Real options valuation misc Lattice approach misc Regime switching misc Flexibility
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title	A real options approach to value manufacturing flexibilities with regime-switching product demand
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title_full	A real options approach to value manufacturing flexibilities with regime-switching product demand
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title_sort	real options approach to value manufacturing flexibilities with regime-switching product demand
title_auth	A real options approach to value manufacturing flexibilities with regime-switching product demand
abstract	Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. © Crown 2022
abstractGer	Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. © Crown 2022
abstract_unstemmed	Abstract This research is motivated by a real industry problem. A manufacturer produces two different types of products. The manufacturer has two alternatives to invest: fixed capacity systems, one for each type of product, or invest in a flexible system simultaneously producing both types of products. To this end, the value of flexibility has to be determined to justify the investment in the flexibility system. When valuing manufacturing flexibility to model demand uncertainty, most of the existing literature is built on the assumption that demand for a product will grow indefinitely. This assumption, however, ignores the reality that demand for a product often grows initially, then levels out, and finally falls off. To investigate how this nonstationarity in demand growth affects the value of flexibility, we consider a manufacturing system having three types of manufacturing flexibilities (expansion, contraction, and switching) and producing two types of products with correlated demands. Each type of product is assumed to have two demand regimes: a growth regime representing the demand increases initially and a decay regime representing the demand decreases subsequently. A lattice approach is developed to discretize the evolution of the correlated demands of both products and a dynamic programming-based model is used to value flexibilities. Results show that ignoring the two demand regimes undervalues contraction, switching, and total flexibilities; but overvalues expansion flexibility. It is very common that many sectors, such as automobile and semiconductor, produce products simultaneously. Hence, the findings may help decision-makers understand the inherent values of flexibilities under different demand shifting patterns. © Crown 2022
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title_short	A real options approach to value manufacturing flexibilities with regime-switching product demand
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A real options approach to value manufacturing flexibilities with regime-switching product demand

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Zugang & Verfügbarkeit

Vorhandene Bände

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