Abstract
The introduction of changeable production systems increases the adaptability of factories in an uncertain environment. This paper analyzes the valuation of the economic efficiency of such systems using the real options theory. The developed approach proposes a structured valuation process for selecting options related to production engineering and factory planning. Based on a classification of possible modifications of a production system, options profiles are derived. Considering the existing uncertainty of a company’s environment these profiles may be utilized to identify real options which ought to be included when valuating a technical production system design.
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