There are many different approaches and conceptualizations of flexibility in the present literature. This lends itself to a lack of clarity and can result in confusion on the central concept. Here we identify shortcomings in the existing literature. To clarify some of the important concepts, we distinguish between flexibility (ability to change states), adaptability (ability to change within a state), and efficiency (resources utilized). To illustrate such distinctions, we present a capacity expansion model that takes flexibility and adaptability into consideration. Numerical examples show how the concepts of flexibility and adaptability can be used in manufacturing.
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