A Heuristic Model for the Development of Production Capabilities

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KREMLJAK, Zvonko ;POLAJNAR, Andrej ;BUCHMEISTER, Borut .
A Heuristic Model for the Development of Production Capabilities. 
Strojniški vestnik - Journal of Mechanical Engineering, [S.l.], v. 51, n.11, p. 674-691, august 2017. 
ISSN 0039-2480.
Available at: <https://www.sv-jme.eu/article/a-heuristic-model-for-the-development-of-production-capabilities/>. Date accessed: 22 may. 2019. 
doi:http://dx.doi.org/.
Kremljak, Z., Polajnar, A., & Buchmeister, B.
(2005).
A Heuristic Model for the Development of Production Capabilities.
Strojniški vestnik - Journal of Mechanical Engineering, 51(11), 674-691.
doi:http://dx.doi.org/
@article{.,
	author = {Zvonko  Kremljak and Andrej  Polajnar and Borut  Buchmeister},
	title = {A Heuristic Model for the Development of Production Capabilities},
	journal = {Strojniški vestnik - Journal of Mechanical Engineering},
	volume = {51},
	number = {11},
	year = {2005},
	keywords = {production systems; risk management; real option theory; uncertainty modelling; fuzzy logic; },
	abstract = {Managers in production environments face a high level of uncertainty in their decision making due to the major, rapidly developing changes defining the environments in which their organisations operate. This means that managers do not possess complete information about future events, do not know all the possible alternatives or the consequences of all their possible decisions. Overcoming this uncertainty requires the development of heuristic tools, which can offer satisfactory, if not optimal, solutions. Simulation methods based on the extrapolation of available data from the past are unsuitable for help in decision-making processes in uncertain conditions. Lately, the dominant heuristics used for solving decision-making problems during a high level of uncertainty is the theory of real options. For this reason the real-options approach is currently used for an evaluation of the investments in research and development, the development of new products, production technologies and other production sources. As regards engineering, we are witnessing the intensive development of new methods, tools and techniques, which by their origin belong to the field of applied mathematics, information sciences, operational research and economic theory (genetic algorithms, evolution programming, genetic programming, soft logic, neuron networks, the theory of real options, etc.), and are very successfully applied in the solving of various technical optimisation problems. The theory of real options is also used in issues related to technology, research and development, and production. The thoughts on the use of the theory of real options have also spread to the area of strategic management.},
	issn = {0039-2480},	pages = {674-691},	doi = {},
	url = {https://www.sv-jme.eu/article/a-heuristic-model-for-the-development-of-production-capabilities/}
}
Kremljak, Z.,Polajnar, A.,Buchmeister, B.
2005 August 51. A Heuristic Model for the Development of Production Capabilities. Strojniški vestnik - Journal of Mechanical Engineering. [Online] 51:11
%A Kremljak, Zvonko 
%A Polajnar, Andrej 
%A Buchmeister, Borut 
%D 2005
%T A Heuristic Model for the Development of Production Capabilities
%B 2005
%9 production systems; risk management; real option theory; uncertainty modelling; fuzzy logic; 
%! A Heuristic Model for the Development of Production Capabilities
%K production systems; risk management; real option theory; uncertainty modelling; fuzzy logic; 
%X Managers in production environments face a high level of uncertainty in their decision making due to the major, rapidly developing changes defining the environments in which their organisations operate. This means that managers do not possess complete information about future events, do not know all the possible alternatives or the consequences of all their possible decisions. Overcoming this uncertainty requires the development of heuristic tools, which can offer satisfactory, if not optimal, solutions. Simulation methods based on the extrapolation of available data from the past are unsuitable for help in decision-making processes in uncertain conditions. Lately, the dominant heuristics used for solving decision-making problems during a high level of uncertainty is the theory of real options. For this reason the real-options approach is currently used for an evaluation of the investments in research and development, the development of new products, production technologies and other production sources. As regards engineering, we are witnessing the intensive development of new methods, tools and techniques, which by their origin belong to the field of applied mathematics, information sciences, operational research and economic theory (genetic algorithms, evolution programming, genetic programming, soft logic, neuron networks, the theory of real options, etc.), and are very successfully applied in the solving of various technical optimisation problems. The theory of real options is also used in issues related to technology, research and development, and production. The thoughts on the use of the theory of real options have also spread to the area of strategic management.
%U https://www.sv-jme.eu/article/a-heuristic-model-for-the-development-of-production-capabilities/
%0 Journal Article
%R 
%& 674
%P 18
%J Strojniški vestnik - Journal of Mechanical Engineering
%V 51
%N 11
%@ 0039-2480
%8 2017-08-18
%7 2017-08-18
Kremljak, Zvonko, Andrej  Polajnar, & Borut  Buchmeister.
"A Heuristic Model for the Development of Production Capabilities." Strojniški vestnik - Journal of Mechanical Engineering [Online], 51.11 (2005): 674-691. Web.  22 May. 2019
TY  - JOUR
AU  - Kremljak, Zvonko 
AU  - Polajnar, Andrej 
AU  - Buchmeister, Borut 
PY  - 2005
TI  - A Heuristic Model for the Development of Production Capabilities
JF  - Strojniški vestnik - Journal of Mechanical Engineering
DO  - 
KW  - production systems; risk management; real option theory; uncertainty modelling; fuzzy logic; 
N2  - Managers in production environments face a high level of uncertainty in their decision making due to the major, rapidly developing changes defining the environments in which their organisations operate. This means that managers do not possess complete information about future events, do not know all the possible alternatives or the consequences of all their possible decisions. Overcoming this uncertainty requires the development of heuristic tools, which can offer satisfactory, if not optimal, solutions. Simulation methods based on the extrapolation of available data from the past are unsuitable for help in decision-making processes in uncertain conditions. Lately, the dominant heuristics used for solving decision-making problems during a high level of uncertainty is the theory of real options. For this reason the real-options approach is currently used for an evaluation of the investments in research and development, the development of new products, production technologies and other production sources. As regards engineering, we are witnessing the intensive development of new methods, tools and techniques, which by their origin belong to the field of applied mathematics, information sciences, operational research and economic theory (genetic algorithms, evolution programming, genetic programming, soft logic, neuron networks, the theory of real options, etc.), and are very successfully applied in the solving of various technical optimisation problems. The theory of real options is also used in issues related to technology, research and development, and production. The thoughts on the use of the theory of real options have also spread to the area of strategic management.
UR  - https://www.sv-jme.eu/article/a-heuristic-model-for-the-development-of-production-capabilities/
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	author = {Kremljak, Z., Polajnar, A., Buchmeister, B.},
	title = {A Heuristic Model for the Development of Production Capabilities},
	journal = {Strojniški vestnik - Journal of Mechanical Engineering},
	volume = {51},
	number = {11},
	year = {2005},
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TY  - JOUR
AU  - Kremljak, Zvonko 
AU  - Polajnar, Andrej 
AU  - Buchmeister, Borut 
PY  - 2017/08/18
TI  - A Heuristic Model for the Development of Production Capabilities
JF  - Strojniški vestnik - Journal of Mechanical Engineering; Vol 51, No 11 (2005): Strojniški vestnik - Journal of Mechanical Engineering
DO  - 
KW  - production systems, risk management, real option theory, uncertainty modelling, fuzzy logic, 
N2  - Managers in production environments face a high level of uncertainty in their decision making due to the major, rapidly developing changes defining the environments in which their organisations operate. This means that managers do not possess complete information about future events, do not know all the possible alternatives or the consequences of all their possible decisions. Overcoming this uncertainty requires the development of heuristic tools, which can offer satisfactory, if not optimal, solutions. Simulation methods based on the extrapolation of available data from the past are unsuitable for help in decision-making processes in uncertain conditions. Lately, the dominant heuristics used for solving decision-making problems during a high level of uncertainty is the theory of real options. For this reason the real-options approach is currently used for an evaluation of the investments in research and development, the development of new products, production technologies and other production sources. As regards engineering, we are witnessing the intensive development of new methods, tools and techniques, which by their origin belong to the field of applied mathematics, information sciences, operational research and economic theory (genetic algorithms, evolution programming, genetic programming, soft logic, neuron networks, the theory of real options, etc.), and are very successfully applied in the solving of various technical optimisation problems. The theory of real options is also used in issues related to technology, research and development, and production. The thoughts on the use of the theory of real options have also spread to the area of strategic management.
UR  - https://www.sv-jme.eu/article/a-heuristic-model-for-the-development-of-production-capabilities/
Kremljak, Zvonko, Polajnar, Andrej, AND Buchmeister, Borut.
"A Heuristic Model for the Development of Production Capabilities" Strojniški vestnik - Journal of Mechanical Engineering [Online], Volume 51 Number 11 (18 August 2017)

Authors

Affiliations

  • Ministry of Defence, Ljubljana, Slovenia
  • University of Maribor, Faculty of Mechanical Engineering, Slovenia
  • University of Maribor, Faculty of Mechanical Engineering, Slovenia

Paper's information

Strojniški vestnik - Journal of Mechanical Engineering 51(2005)11, 674-691

Managers in production environments face a high level of uncertainty in their decision making due to the major, rapidly developing changes defining the environments in which their organisations operate. This means that managers do not possess complete information about future events, do not know all the possible alternatives or the consequences of all their possible decisions. Overcoming this uncertainty requires the development of heuristic tools, which can offer satisfactory, if not optimal, solutions. Simulation methods based on the extrapolation of available data from the past are unsuitable for help in decision-making processes in uncertain conditions. Lately, the dominant heuristics used for solving decision-making problems during a high level of uncertainty is the theory of real options. For this reason the real-options approach is currently used for an evaluation of the investments in research and development, the development of new products, production technologies and other production sources. As regards engineering, we are witnessing the intensive development of new methods, tools and techniques, which by their origin belong to the field of applied mathematics, information sciences, operational research and economic theory (genetic algorithms, evolution programming, genetic programming, soft logic, neuron networks, the theory of real options, etc.), and are very successfully applied in the solving of various technical optimisation problems. The theory of real options is also used in issues related to technology, research and development, and production. The thoughts on the use of the theory of real options have also spread to the area of strategic management.

production systems; risk management; real option theory; uncertainty modelling; fuzzy logic;