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Competence in investment analysis is now a basic requirement for most practicing managers, engineers, and financial analysts in order to avoid possible serious mistakes arising from flawed or inadequate knowledge of the discipline. Furthermore, individuals who make decisions based on technical economics stake their professional futures, in many cases, on the accuracy of such evaluations. The aim of this volume is to provide a balanced view of the essential components of economic and financial analysis including: 1. Strategic and design issues; 2. Principles of cost management systems and activity-based costing, and; 3. Tools for developing the financial measures of investment worth, with advanced topics and case studies in these three areas.This volume provides a refreshing insight into the various methods that engineers, managers, and financial analysts may need to consider to find good alternatives for the investment of scarce resources. Not only are new ventures presented, but also improvements within existing facilities that include process modification, product design, equipment replacement, and plant expansion/contraction.
Matthew J. Liberatore Department of Management Villanova University Villanova, PA 19085 1. BACKGROUND The weakening competitive position of many segments of u.s. manufacturing has been analyzed, debated and discussed in corporate boardrooms, academic journals and the popular literature. One result has been a renewed commitment toward improving productivity and quality in the workplace. The drive to reduce manufacturing related costs, while meeting ever-changing customer needs, has led many firms to consider more automated and flexible manufacturing systems. The extent to which these new technologies can support business goals in productivity, quality and flexibility is an especially important issue for manufacturing firms in the u.s. and other Western nations. Problems have arisen in developing performance measures and evaluation criteria which reflect the full range of costs and benefits associated with these technologies. Some would argue that managerial policies and attitudes, and not the shortcomings of the equipment or manufacturing processes, are the major impediments to implementation (Kaplan 1984).
This research revolves around the impact of Advanced Manufacturing Technologies in Indian Manufacturing industries. Statistics inculcates that a number of industries subsists, which are using different forms of Advanced Manufacturing Technologies. "Advanced Manufacturing Technology" is a generic term, depicting an assembly of manufacturing technologies, which combines both extent and scale capabilities in a manufacturing environment. Advanced manufacturing technology is broadly defined by distinguished authors in their terminologies; Small and Chen, say, it is "An automated production system of people, equipment and utensils for the planning and control of the production process, including the procurement of materials, parts and constituents and the shipment and service of completed products".
Towards the end of 1983, the Advisory Council for Applied Research and Development (ACARD) published a report giving the findings of a working group which had been set up to study the factors which inhibited or supported the introduction of advanced manufacturing technology (AMT) in engineering manufacture. Prominent amongst their findings was that, up to that time, 'appraisal of investment in AMT on a short-term financial basis was not entirely adequate' and that 'the conventional approach to financial appraisal techniques, directed towards an early return on capital invested, may be inappropriate'. Today, over three years later, advanced manufacturing technology is more widely recognised and is providing a proven solution to survival and growth for manufacturers. However, many medium-and small-size companies are still finding great difficulty in the evaluation and justification of investment in this vital area. The Institution of Production Engineers therefore set up a special joint working party with The Chartered Institute of Management Accountants to follow up the ACARD report, with the objective of examining the whole area of the justification of investment in advanced manufacturing technology.
This text illuminates the contemporary issues and technologies related to the economic evaluation and justification of advanced technologies. Included are modern tools, as well as application-based cases that demonstrate the use of these tools. Students, researchers and decision makers will benefit from this useful resource.
The 1980s have witnessed a tremendous growth in the field of computer integrated manufacturing systems. The other major areas of development have been computer-aided design, computer-aided manufacturing, industrial robotics, automated assembly, cellular and modular material handling, computer networking and office automation to name just a few. These new technologies are generally capital intensive and do not conform to traditional cost structures. The net result is a tremendous change in the way costs should be estimated and economic analyses performed. The majority of existing engineering economy texts still profess application of traditional analysis methods. But, as was men tioned above, it is clear that the basic trend in manufacturing industries is itself changing. So it is quite obvious that the practice of traditional economic analysis methods should change too. This book is an attempt to address the various issues associated with non-traditional methods for evaluation of advanced computer-integrated technologies. This volume consists of twenty refereed articles which are grouped into five parts. Part one, Economic Justification Methods, consists of six articles. In the first paper, Soni et at. present a new classification for economic justification methods for advanced automated manufacturing systems. In the second, Henghold and LeClair look at strengths and weaknesses of expert systems in general and more specifically, an ap plication aimed at investment justification in advanced technology. The third paper, by Carrasco and Lee, proposes an enhanced economic methodology to improve the needs analysis, conceptual design and de tailed design activities associated with technology modernization.
Managing Innovation: New Technology, New Products, and New Services in a Global Economy, 2nd Edition is devoted to providing a better understanding and better management of all of the causes and consequences of change that have technological implications in and around our global organizations. This text is a unique, original contribution and represents a significant alternative to the collection of chapters written by others. The second edition has new cases with a few classics from the first edition that have been retained in response to reader feedback. The key subjects that are included have been significantly updated and treated in greater depth. The number of chapters has been reduced from 12 to 10 so it is easy to adapt to almost any course or training on the subject in any discipline or to any audience. This exceptionally informative book provides a broad perspective on how technological change can be effectively managed in modern organizations. The text explains the conceptual frameworks supported by new and original case studies for start-up companies like Askmen.com, the complex challenges of managing international technology-based companies like NexPress (a joint venture of Kodak and Heidelberg) in the digital printing industry, and corporate sustainability using innovative new product technologies illustrated by the case of Evinrude’s launch of the E-tec® outboard motor. John E. Ettlie's three decades in the field of innovation as an instructor and researcher bring an exceptional perspective to this subject. His text is unique in its discussion of how technology has transformed the service sector. Few books on technology make the distinction between new offerings in manufacturing and the service sector which is emphasized in this text.
First published in 1998, this volume was designed to lead to an operational model of Advanced Manufacturing Technology (AMT) decision making which incorporated the mathematics of fuzzy set theory. The rapid advancement of robotics, automated technologies and software such as CAD and CAM have made such studies paramount. Here, analyses of a questionnaire survey and field study of major UK manufacturing companies together provide a simulating portrayal of AMT investment decision making and have been expanded upon with a model using fuzzy set theory.
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