INVESTMENT AND RISK MANAGEMENT IN PRODUCTION ENGINEERING: CONTEMPORARY TRANSFORMATIONS AND AN EMERGING RESEARCH AGENDA

Abstract

Technological, environmental, and institutional transformations observed over recent decades have increased the complexity of production systems, imposing new challenges on investment and risk management. In light of these transformations, this study aims to examine the contemporary changes shaping this field by identifying emerging trends and proposing a future research agenda. Methodologically, the study is characterized as a qualitative and exploratory theoretical-conceptual investigation developed through a narrative literature review, with emphasis on studies published between 2016 and 2026. The findings reveal the emergence of five central themes: (i) artificial intelligence, analytics, and digital twins; (ii) sustainability and long-term value creation; (iii) organizational resilience and supply chains; (iv) Industry 5.0 and human-centric production systems; and (v) complex systems and systemic risks. Collectively, these developments suggest a conceptual reconfiguration of investment and risk management, characterized by a transition from a logic predominantly oriented toward economic efficiency to a broader complexity management perspective, in which sustainability, resilience, adaptive capabilities, and value creation become interdependent dimensions of decision-making processes. The study contributes by integrating traditionally fragmented streams of research and by proposing an interpretative framework and a research agenda capable of guiding future investigations on investments and risks in increasingly complex and uncertain organizational environments.