Flexibility is one of the most important strategy parameters to achieve a long-term successful performance for a manufacturing company. Studies in the literature aim to operate a manufacturing system at optimum levels of flexibility parameters under its own manufacturing environment. This study aims to present an interactive analysis framework based on TOPSIS and Taguchi parameter design principles for investigating the effects of different levels of flexibility parameters on the performance of a flexible manufacturing cell (FMC). The main performance metric used in this study is manufacturing lead time. Other important metrics to evaluate quality control and inspection policies are also investigated in this study. To conclude, a combined model of an interactive approach based on TOPSIS and Taguchi methods are used to assess the effectiveness of the flexibility parameters for a FMC.