Álvarez, María José2009-12-292009-12-291994International Journal of Production Economics, 1994, vol. 36, nº 1, pp. 109-1280925-5273https://hdl.handle.net/10016/4888The lack of measurement and evaluation of flexible manufacturing possibilities seriously handicaps the appraisal and justification of investments in flexible technologies. It is the goal of this paper to formulate a comprehensive definition for manufacturing flexibility which can be explicitly translated into economic and financial variables. Further translation is based upon the financial instruments of cash budgeting and capital budgeting. The sensitivity of the economic and financial variables to shifts in manufacturing/operational flexibility will be discussed from a theoretical point of view. It is concluded that operative variables for flexible technologies can become indicators of economic and financial aspects.text/plainapplication/pdfeng© ElsevierManufacturing flexibilityCapital budgetingCash managementAdvanced manufacturing technologiesresearch articleEmpresa10.1016/0925-5273(94)90153-8open access1091128International Journal of Production Economics36