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- W2765361102 abstract "This paper introduces a framework to design and manage flexibility in engineering systems based on the concept of decision rules. A decision rule can be described as a heuristic triggering mechanism that is used to determine when it is appropriate to exercise flexibility in systems operations. The proposed framework differs from existing real options analysis (ROA) approaches used in a design and management setting by focusing on the practicability in the implementation phase of engineering systems. By incorporating decision rules in the design process, this framework not only helps generate better performing designs, it also provides intuitive guidance for decision makers (DMs) to manage the system in operations. The proposed framework is applied as demonstration to the design and management of an anaerobic digestion (AD) waste-to-energy (WTE) plant. It demonstrates significant lifecycle performance improvement as compared to a standard design analysis. A comparison with existing ROA approaches shows that another advantage of the proposed framework is the ability to analyze systems facing multiple uncertainty sources and relying on multiple flexibility strategies as a way to improve expected lifecycle performance." @default.
- W2765361102 created "2017-11-10" @default.
- W2765361102 creator A5001724828 @default.
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- W2765361102 date "2017-08-06" @default.
- W2765361102 modified "2023-09-22" @default.
- W2765361102 title "A Framework for Designing and Managing Flexibility and Real Options in Engineering Systems Based on Decision Rules" @default.
- W2765361102 doi "https://doi.org/10.1115/detc2017-67042" @default.
- W2765361102 hasPublicationYear "2017" @default.
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