A new performance measurement and management framework based on value and risk is proposed. The proposed framework is applied to the modelling and evaluation of the a priori performance evaluation of manufacturing processes and to deciding on their alternatives. For this reason, it consistently integrates concepts relevant to objectives, activity, and risk in a single framework comprising a conceptual value/risk model, and it conceptualises the idea of value-and riskbased performance management in a process context. In addition, a methodological framework is developed to provide guidelines for the decision-makers or performance evaluators of the processes. To facilitate the performance measurement and management process, this latter framework is organised in four phases: context establishment, performance modelling, performance assessment, and decision-making. Each phase of the framework is then instrumented with stateof-the-art quantitative analysis tools and methods. For process design and evaluation, the deliverable of the value-and risk-based performance measurement and management system (VR-PMS) is a set of ranked solutions (i.e. alternative business processes) evaluated against the developed value and risk indicators. The proposed VR-PMS is illustrated with a case study from discrete parts manufacturing but is indeed applicable to a wide range of processes or systems.
A value/risk -based performance evaluation framework is proposed in the context of manufacturing processes at the industrialization phase of product development. Various risk factors of the manufacturing process are identified through Failure Mode and Effect Analysis (FMEA) and then embedded in the process plan models. Modelling and simulation are then employed for determining the value a process plan can create and the risk it is exposed to. Alternative scenarios are developed, simulated and compared with a reference scenario. The methodology is illustrated with a case study issued from parts manufacturing but is applicable to a wide range of other processes.
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