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No‐Regret Solutions – Modular Production Concepts for Times of Complexity and Uncertainty
Author(s) -
Mothes Helmut
Publication year - 2015
Publication title -
chembioeng reviews
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.089
H-Index - 22
ISSN - 2196-9744
DOI - 10.1002/cben.201500023
Subject(s) - regret , modular design , production (economics) , modular programming , profit (economics) , profit maximization , computer science , product (mathematics) , risk analysis (engineering) , product lifecycle , industrial organization , maximization , competition (biology) , manufacturing engineering , new product development , business , operations research , economics , microeconomics , engineering , marketing , mathematics , ecology , geometry , machine learning , programming language , biology , operating system
Global competition, shorter product cycles, individualized products, and faster technology innovation lead to more complex production systems. For the product life cycle, forecast of product demand, resource availability, and technology chances becomes a mission impossible. Applying a modularization strategy, future production systems are designed as no‐regret‐solutions that add risk minimization to profit maximization. Additive manufacturing and the Internet of Things will significantly improve economics of modular designs for the chemical‐pharmaceutical Industry.