Titlebook: Economics of Advanced Manufacturing Systems; Hamid R. Parsaei,Anil Mital Book 1992 Springer Science+Business Media Dordrecht 1992 automati

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Economics of Advanced Manufacturing Systems During System Design and Development with the inflated discount rates that are applied today as a hedge against inflation and risk, fail to justify high-technology equipment unless it is accompanied by unrealistically high benefit estimates.

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Risk Evaluation of Investment in Advanced Manufacturing Technologyuipment investment may be greater than originally expected. Generally, however, this would be seen as an unexpected bonus and concern is mainly with the downside risk that the company may make a loss on the project. We would consider it a loss if the return was less than the cost of money used to finance the project.

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Expert Systems Applied to the Economic Justification of Advanced Manufacturing Systemsen extends beyond the scope of venture justification applications and addresses some fundamentals and capabilities pertinent to all expert system applications. This breadth of discussion is necessary in demonstrating clearly what expert systems technology can do versus what it is reported to have done.

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Memo to global competitors: it is time to replace cost accounting with process based informationting global standards for quality, flexibility, service, dependability and price; and those products must cost less than customers are willing to pay for the value received. Why have most companies not been able to keep up with world-class standards of competitiveness and profitability in recent years?

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Analysis and Evaluation of Flexible Capital Investmentg edge of the advanced technology are forced to adjust to these changes and, hence, operate under a higher degree of uncertainty. Flexibility in manufacturing is, therefore, of substantial significance to all companies in the manufacturing industry.

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Analytical Techniques for Justification of Manufacturing Systemse assessment of the advanced system’s potential contribution to the companies competitiveness. Yet, decisions about implementing technologically advanced systems are still made within a capital budgeting framework in which the expected value of the investment is based on risk and expected return.