An economic model is a tool for determining the justifiable cost of new sensors and subsystems with respect to value and operation. This process balances the R and D costs against the expense of maintaining current operations and allows for a method to calculate economic indices of performance that can be used as control points in deciding whether to continue development or suspend actions. The model can also be used as an integral part of an overall control loop utilizing real-time process data from the sensor groups to make production decisions (stop production and repair machine, continue and warn of ...
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Oak Ridge National Lab., TN (United States)
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Tennessee
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An economic model is a tool for determining the justifiable cost of new sensors and subsystems with respect to value and operation. This process balances the R and D costs against the expense of maintaining current operations and allows for a method to calculate economic indices of performance that can be used as control points in deciding whether to continue development or suspend actions. The model can also be used as an integral part of an overall control loop utilizing real-time process data from the sensor groups to make production decisions (stop production and repair machine, continue and warn of anticipated problems, queue for repairs, etc.). This model has been successfully used and deployed in the CAFE Project. The economic model was one of seven (see Fig. 1) elements critical in developing an investment strategy. It has been successfully used in guiding the R and D activities on the CAFE Project, suspending activities on three new sensor technologies, and continuing development o f two others. The model has also been used to justify the development of a new prognostic approach for diagnosing machine health using COTS equipment and a new algorithmic approach. maintaining current operations and allows for a method to calculate economic indices of performance that can be used as control points in deciding whether to continue development or suspend actions. The model can also be used as an integral part of an overall control loop utilizing real-time process data from the sensor groups to make production decisions (stop production and repair machine, continue and warn of anticipated problems, queue for repairs, etc.).
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Allgood, G.O. & Manges, W.W.Modeling Manufacturing Processes to Mitigate Technological Risk,
article,
October 24, 1999;
Tennessee.
(digital.library.unt.edu/ark:/67531/metadc619836/:
accessed February 18, 2019),
University of North Texas Libraries, Digital Library, digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.
