A cost model for the evaluation of alternative cellular manufacturing configurations
Computers and Industrial Engineering - Cellular manufacturing systems: design, analysis and implementation
Integrating optimization and simulation: research and practice
Proceedings of the 32nd conference on Winter simulation
Proceedings of the 32nd conference on Winter simulation
Simulation optimization: simulation-based optimization
Proceedings of the 34th conference on Winter simulation: exploring new frontiers
Productivity improvement: shifting bottleneck detection
Proceedings of the 34th conference on Winter simulation: exploring new frontiers
Proceedings of the 34th conference on Winter simulation: exploring new frontiers
Innovization: innovating design principles through optimization
Proceedings of the 8th annual conference on Genetic and evolutionary computation
Proceedings of the 38th conference on Winter simulation
Using Little's Law to estimate cycle time and cost
Proceedings of the 40th Conference on Winter Simulation
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Recent developments in cost modelling, simulation-based multi-objective optimisation, and post-optimality analysis have enabled the integration of costing data and cost estimation into a new methodology for supporting economically sound decision-making in manufacturing enterprises. Within this methodology, the combination of production engineering and financial data with multi-objective optimisation and post-optimality analysis has been proven to provide the essential information to facilitate knowledge-driven decision-making in real-world production systems development. The focus of this paper is to present the incremental cost modelling technique specifically designed for the integration with discrete-event simulation models and multi-objective optimisation within this methodology. A complete example, using the simulation model and data modified from a previous real-world case study, is provided in this paper to illustrate how the methodology and cost modelling are applied for the optimal investment decision support.