Economic Justification

  • Richard K. Miller
Part of the VNR Competitive Manufacturing Series book series (VNRCMS)


The methods utilized for industrial economic analysis are numerous, and range from very simple to very complex systems. It is generally the responsibility of the manufacturing engineer or applications engineer to develop basic investment cost and cost savings data. Generally, the engineer will also perform a simple payback analysis for projects being considered. In come cases, a complex payback analysis or return on investment analysis may be performed. For projects with high cost, the basic data may be further assessed by a cost engineering or accounting department using more complex calculations such as life cycle cost analysis.


Spare Part Industrial Robot Personal Protective Equipment Payback Period Shift Operation 
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    Engelberger, J.F., “Economic and Sociological Impact of Industrial Robots,” Proceedings of the First National Symposium on Industrial Robots, ITTRI, 1970, pp 7–12.Google Scholar
  2. 2.
    Bublick, T., “The Justification of an Industrial Robot,” Presented at the Finishing ‘77 Conference and Exposition, October 1977.Google Scholar
  3. 3.
    Tanner, W.R., “Selling the Robot — Justification for Robot Installations,” Presented at the Robots III Conference, November 1978.Google Scholar
  4. 4.
    Miller, R.K., “The Bottom Line — Justifying A Robot Installation,” Robotics World, pp 32–36.Google Scholar
  5. 5.
    Van Blois, John P., “Strategic Robot Justification: A Fresh Approach,” Robotics Today, April 1983, pp 44–46.Google Scholar

Copyright information

© Springer Science+Business Media New York 1989

Authors and Affiliations

  • Richard K. Miller

There are no affiliations available

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