An optimal acquisition policy for advanced manufacturing technology under probabilistic evolution of the technological process
College
Gokongwei College of Engineering
Department/Unit
Industrial Engineering
Document Type
Article
Source Title
DLSU Engineering Journal
Volume
14
Issue
2
First Page
58
Last Page
69
Publication Date
3-2001
Abstract
This paper intends to provide a mathematical model which incorporates the two major concerns in advanced manufacturing technology (AMT) acquisition: the multi-attribute structure of the decision-making process and the timing of the acquisition given the probabilistic evolution of the technological process. Using net present value, flexibility, and quality as the main objectives of the company for acquiring AMT, the model solves for the optimal acquisition policy to be followed by the firm for a given planning horizon using finite-stage dynamic programming.
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Recommended Citation
Zalatar, W. F., & Beng Hui, D. T. (2001). An optimal acquisition policy for advanced manufacturing technology under probabilistic evolution of the technological process. DLSU Engineering Journal, 14 (2), 58-69. Retrieved from https://animorepository.dlsu.edu.ph/faculty_research/13879
Disciplines
Industrial Technology
Keywords
Industrial engineering—Mathematics; Statistical decision; Technological innovations
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