Imperial College London
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DrMichel-AlexandreCardin

Faculty of Engineering, Dyson School of Design Engineering

Senior Lecturer in Computational Aided Engineering
 
 
 
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Contact

 

+44 (0)20 7594 1893m.cardin Website CV

 
 
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Location

 

Royal College of Science Observatory Building, Room 1M03Dyson BuildingSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@inbook{Cardin:2022:10.1007/978-3-030-81159-4_35,
author = {Cardin, MA and Mijic, A and Whyte, J},
booktitle = {Handbook of Engineering Systems Design: With 178 Figures and 54 Tables},
doi = {10.1007/978-3-030-81159-4_35},
pages = {623--651},
title = {Flexibility and Real Options in Engineering Systems Design},
url = {http://dx.doi.org/10.1007/978-3-030-81159-4_35},
year = {2022}
}
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RIS format (EndNote, RefMan)

TY  - CHAP
AB  - Designing engineering systems for flexibility is of utmost importance for future generations of systems designers and operators. As a core system property, flexibility provides systems owners and operators with the ability to respond easily and cost-effectively to future changes. It contributes to improved economic value, sustainability, and resilience by enabling systems to adapt and reconfigure in the face of uncertainty in operations, markets, regulations, and technology. The field of flexibility in design has steadily evolved over the last two decades, emerging from the area of real options analysis, which focuses on quantifying the value of flexibility in large-scale, irreversible investment projects. Flexibility in design goes further by developing and evaluating novel design methods and computational procedures to enable flexibility as a systematic value enhancement mechanism in engineering systems. This chapter provides an overview of how the field has developed over time as well as design frameworks, computational methods, and algorithmic procedures to support such design activities in practice. It discusses important challenges and limitations with supporting case studies in aerospace, automotive, energy, real estate, transportation, and water management. The chapter highlights future directions for research, involving sustainability and resilience, data-driven real options, empirical studies and simulation games, machine learning, digital twin modelling, and 3D virtualization.
AU  - Cardin,MA
AU  - Mijic,A
AU  - Whyte,J
DO  - 10.1007/978-3-030-81159-4_35
EP  - 651
PY  - 2022///
SN  - 9783030811587
SP  - 623
TI  - Flexibility and Real Options in Engineering Systems Design
T1  - Handbook of Engineering Systems Design: With 178 Figures and 54 Tables
UR  - http://dx.doi.org/10.1007/978-3-030-81159-4_35
ER  -
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