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Product outsourcing is recognized as a way to gain flexibility for competitive advantage (Nembhard et al. 2003). A financial model to assess the option value of product outsourcing is developed in this article. Decision makers can use this valuation methodology to choose the appropriate outsourcing strategy, which is demonstrated by an example from apparel manufacturing industry. A Monte Carlo simulation model was conducted to show the long-term value of outsourcing under dynamic market conditions. Nembhard et al. (2003) concluded that outsourcing is not always better than in-house production, but has some possibilities to be favorable. Jin (2005).

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