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Provides an empirically based discussion of the uncertainties faced by typical manufacturing firms and how they attempt to accommodate that uncertainty through increased manufacturing flexibility. Suggests a dynamic equilibrium model which helps to illustrate the trade‐offs and interrelationships between the manufacturing flexibility inherent in a firm′s processes and infrastructure, the uncertainties faced by the firm, and the way in which the firm′s processes and infrastructures are buffered with inventory, lead time, and capacity. In addition, suggests a set of auditing checklists which build on earlier work by Skinner. This process helps the firm to identify its relative position in terms of the dynamic equilibrium model and also to identify long‐term objectives for improving its competitiveness within the marketplace.
Newman et al. (Fri,) studied this question.