Flexibility is a widely discussed topic: individual employees, entire production lines, and whole companies are expected to respond flexibly to changes in their environment. However, flexibility incurs costs that would outweigh the benefits if pursued solely for the sake of maximizing flexibility. Jörg Horstmann presents a comprehensive view of corporate flexibility and examines what level of flexibility is required by the company and the specific situational environmental changes, and whether and how the corresponding requirements can be met. He provides the necessary environmental and corporate analyses, categorizes the external flexibility needs and internal flexibility potentials, and develops a specific flexibility audit along with a quantitative metric to identify current flexibility gaps or surpluses.