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Keywords = life-cycle modelling related to the retirement phase

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15 pages, 843 KiB  
Review
Model-Based Enterprise Approach in the Product Lifecycle Management: State-of-the-Art and Future Research Directions
by Angelo Corallo, Vito Del Vecchio, Marianna Lezzi and Angela Luperto
Sustainability 2022, 14(3), 1370; https://doi.org/10.3390/su14031370 - 25 Jan 2022
Cited by 10 | Viewed by 4986
Abstract
Innovations in product development and process technologies represent a promising strategy to face the increasing competitiveness of modern markets in the global economy. Also, customer requirements become more and more specific and the complexity of products is still increasing. Industries need to adopt [...] Read more.
Innovations in product development and process technologies represent a promising strategy to face the increasing competitiveness of modern markets in the global economy. Also, customer requirements become more and more specific and the complexity of products is still increasing. Industries need to adopt effective solutions during the product development process and to support, for sustainable purposes, all the phases of the product lifecycle. Advanced model-based solutions emerge for digitally supporting these industrial needs. In this context, a Model-Based Enterprise (MBE) represents an organization that adopts modeling technologies, such as Model-Based Definition (MBD) solutions, to integrate and manage both technical and business processes related to product design, production, support, and retirement. Past research discusses the model-based approaches focusing on technical product development, mainly referring to the design and the manufacturing phases. A wide perspective from the other phases of lifecycle seems to lack in the literature. By carrying out a systematic literature review, this research aims to investigate the relationships between the MBE approaches and the product lifecycle phases and to identify potential benefits and challenges. It enhances the academic knowledge domain by also shedding light on potential future research directions. Full article
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20 pages, 455 KiB  
Article
Optimal Time to Enter a Retirement Village
by Jinhui Zhang, Sachi Purcal and Jiaqin Wei
Risks 2017, 5(1), 20; https://doi.org/10.3390/risks5010020 - 22 Mar 2017
Cited by 3 | Viewed by 4863
Abstract
We consider the financial planning problem of a retiree wishing to enter a retirement village at a future uncertain date. The date of entry is determined by the retiree’s utility and bequest maximisation problem within the context of uncertain future health states. In [...] Read more.
We consider the financial planning problem of a retiree wishing to enter a retirement village at a future uncertain date. The date of entry is determined by the retiree’s utility and bequest maximisation problem within the context of uncertain future health states. In addition, the retiree must choose optimal consumption, investment, bequest and purchase of insurance products prior to their full annuitisation on entry to the retirement village. A hyperbolic absolute risk-aversion (HARA) utility function is used to allow necessary consumption for basic living and medical costs. The retirement village will typically require an initial deposit upon entry. This threshold wealth requirement leads to exercising the replication of an American put option at the uncertain stopping time. From our numerical results, active insurance and annuity markets are shown to be a critical aspect in retirement planning. Full article
(This article belongs to the Special Issue Ageing Population Risks)
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