Modular construction is generally considered to be a very efficient construction method. However, disruptions in production can negate the advantages of modular construction. Dynamic scheduling (DS) is the strategic handling of production disruptions where real-time events' effects are mitigated by analyzing the state of the production system and automatically optimizing production planning. The prerequisite for DS is acquiring real-time data relevant to production planning. Thus, the digital capturing, evaluation, and provision of production-relevant data are needed. This paper develops a Digital Twin (DT) of a production system based on the Asset Administration Shell (AAS), known as the implementation of DT in Industry 4.0. The AAS of the production system serves as a virtual aggregation level for the relevant data. DS is implemented using a simulation-based scheduler. The presented approach is verified using a virtual production system for precast concrete modules as a proof of concept.