Search

This paper is a literature review on business models used in the additive manufacturing industry. We focus the investigation by categorizing the effects additive manufacturing into four classes by looking at incremental and disruptive applications in closed and in open market models. The economic feasibility of these applications is critically discussed on the background of the existing literature. Additive manufacturing business models is an emerging area of research, where tangible, case-based evidence is still rare, and the views on the business potential of additive manufacturing technologies are strongly divided. Post-print / Final draft

This paper is the first documented research effort on how simple meta-models can be used in simulation-based investment analysis. Modern computers allow the construction and simulation of near real-world emulating models, often referred to as “digital twins”, that offer requisite variety to real world phenomena, such as an industrial investment. These models can be extremely complex and computationally demanding which reduces the scope of their practical applications. This is where meta-models can help. Meta-models are simple black-box models that are fitted with the input-output -combinations from more complex models to be able to approximate complex model behavior. As the simple meta-models are very fast to solve they may be used to explore much larger solution spaces with considerably higher speed and less computing power needed than the original models. We demonstrate how the meta-modeling approach can be used in the context of metal mining investment analysis that is originally conducted with a dynamic system model constructed based on a real-world metal mining investment. We show how two simple meta-models, a linear regression model and a regression-tree model, can be used in gaining insight about a suitable financing-mix for the said metal mining investment. Keywords: Post-print / Final draft

Real option analysis offers interesting insights on the value of assets and on the profitability of investments, which has made real options a growing field of academic research and practical application. Real option valuation is, however, often found to be difficult to understand and to implement due to the quite complex mathematics involved. Recent advances in modeling and analysis methods have made real option valuation easier to understand and to implement. This paper presents a new method for real option valuation using fuzzy numbers that is based on findings from earlier real option valuation methods and from fuzzy real option valuation. The method is intuitive to understand and far less complicated than any previous real option valuation model to date.

In this position paper we suggest that a user will most often choose the solution (device) that will fulfill her (information) needs with the least effort. We call this “lazy user behavior”. We suggest that the principle components responsible for solution selection are the user need and the user state. User need is the user’s detailed (information) need (urgency, type, depth, etc.) and user state is the situation, in which the user is at the moment of the need (location, time, etc.); the user state limits the set of available solutions (devices) to fulfill the user need. The context of this paper is the use of mobile devices and mobile services. We present the lazy user theory of solution selection, two case examples, and discuss the implications of lazy user behavior on user attachment to mobile services and devices, and to planning and execution of mobile services.

The target audiences for entrepreneurial university studies are most often students of different fields of business studies, or economics; entrepreneurship studies are a part of their normal curriculum. Entrepreneurs, however, are not a group that consists only of business professionals, but a group of people from all walks of life. The basic procedures and laws governing the starting of a company are most often same for all companies and individuals. It is important to acknowledge these two facts, when designing curriculums for university studies: basic courses in entrepreneurship (starting a business) are important for students of all disciplines. This paper reports experiences from educating multi-disciplinary student groups in entrepreneurship, presents preliminary data about student background and attitudes towards entrepreneurship, and discusses some lessons learned from the experiences.

This paper discusses using e- and m-business components in supporting and enhancing existing businesses and in creating new business innovations. A framework illustrating two different approaches companies have to adoption of e- and m-business components is proposed. Three cases of how Finnish companies have, in an innovative way, used e- and m-business components to support, to enhance, and to launch businesses are presented. Based on the illustrative framework and the cases, some rules of thumb for using e- and m-business components in business are proposed. The aim of this paper is to offer managers helpful insights for planning e- and m-business component investments.

In this doctoral dissertation characteristics of very large industrial real investments (VLIRI) are investigated and a special group of VLIRI is defined as giga-investments. The investment decision-making regarding to giga-investments is discussed from the points of view of discounted cash-flow based methods and real option valuation. Based on the bacground of establishing giga-investments, state-of-the-art in capital budgeting (including real options) and by applying fuzzy numbers a novel method for the evaluation and profitability analysis of giga-investments is presented. Application of the method is illustrated and issues regarding investment decision-making of large industrial real investments are discussed.

Flexibility is an important issue when investments are being planned and valued. How flexibility inherent in investments is utilised and exploited is, therefore, of great importance to the accuracy of the plans and the valuation. This paper describes an exploratory survey, done with leading Finnish companies, exploring the use of Real Option Valuation (ROV), and the methods that Finnish corporations use to take flexibility into consideration, when planning and valuing investments. We found that real options exist in Finnish investments, but there are very few companies that have an established methodology of identifying, categorizing, or valuing them. We also found that Finnish managers have mixed views about the value of flexibility in investments. Very few Finnish managers seem to be aware of research done in the field, but most seem to have an intuitive understanding of how different variables affect the value of flexibility in an investment.

While Manufacturing 4.0 will create benefits and wealth for the leading manufacturing companies that are employing automated and robotized manufacturing systems the replacement of human workers with automation and the geographical shift of manufacturing will potentially create temporary waves of risen unemployment in the manufacturing sector. This chapter discusses models for of societal systems that support the members of the society in the changing environment brought about by technology-driven disruptions, while they ensure the normal functioning of the society—views of nine experts from Germany, The Netherlands, and South Korea on these issues were elicited and are presented and shortly analyzed. While Manufacturing 4.0 will create benefits and wealth for the leading manufacturing companies that are employing automated and robotized manufacturing systems the replacement of human workers with automation and the geographical shift of manufacturing will potentially create temporary waves of risen unemployment in the manufacturing sector. This chapter discusses models for of societal systems that support the members of the society in the changing environment brought about by technology-driven disruptions, while they ensure the normal functioning of the society—views of nine experts from Germany, The Netherlands, and South Korea on these issues were elicited and are presented and shortly analyzed.

We consider a heat exchanger network synthesis problem formulated as a multiobjective optimization problem. The Pareto front of this problem is approximated with a new approximation approach and the preferred point on the approximation is found with the interactive multiobjective optimization method NIMBUS. Using the approximation makes the solution process computationally inexpensive. Finally, the preferred outcome on the Pareto front approximation is projected on the actual Pareto front. peerReviewed