Investment justification of advanced manufacturing technology: A review

International Journal of Services and Operations Management

Volumn 3, Issue 1, 2007, Pages 41-73

  Narain, Rakesh ^a   Yadav, R C ^a   Sarkis, Joseph ^b  

^a MOTILAL NEHRU NATIONAL INSTITUTE OF TECHNOLOGY   (India)

^b CLARK UNIVERSITY   (United States)

Author keywords

ABC; Activity Based Costing; Advanced Manufacturing Technology; AMT; Flexibility; Flexible Manufacturing Systems; FMSs; Investment justification

Indexed keywords

EID: 33846054137     PISSN: 17442370     EISSN: 17442389     Source Type: Journal    
DOI: 10.1504/IJSOM.2007.011461     Document Type: Review

References (219)

1. Abdel-Kader, M.G. and Dugdale, D. (1998) 'Investment in advanced manufacturing technology: a study of practice in large UK companies', Management Accounting Research, Vol. 9, No. 3, pp.261-284.
2. Adler, R.W. (2000) 'Strategic investment decision appraisal techniques: the old and the new'. Business Horizon. Vol. 43. No. 6. p.15.
3. Airey, J. and Young, C. (1983) 'Economic justification counting the strategic benefits', Proceeding of Second International Conference on Flexible Manufacturing Systems, London, UK. pp.549-554.
4. Angelis, D.I. and Lee, C.Y. (1996) 'Strategic investment analysis using activity based costing concepts and analytical hierarchy process techniques', International Journal of Production Research, Vol. 34, No. 5, pp.1331-1345.
5. Angelo, A.D., Gastaldi, M. and Levialdi, N. (1996) 'Multicriteria evaluation model for flexible manufacturing system design', Computer Integrated Manufacturing Systems, Vol. 9, No. 3, pp.171-178.
6. Arbel, A. and Seidmann, A. (1984) 'Performance evaluation of flexible manufacturing systems', IEEE Transactions on Systems, Man and Cybernetics, Vol. SMC-14, No. 4, pp.606-617.
7. Ashford, R.W., Dyson, R.G. and Hodges, S.D. (1988) 'The capital investment appraisal of new technology: problems, misconceptions and research directions', Journal of Operational Research Society, Vol. 39, No. 7, pp.637-642.
8. Azzone, G. and Bertele, U. (1989) 'Measuring the economic effectiveness of flexible automation: a new approach', International Journal of Production Research, Vol. 27, No. 5, pp.735-746.
9. Baldwin, C.Y. and Clark, K.B. (1994) 'Capital-budgeting systems and capabilities investments in US companies after the Second World War', Business History Review, Vol. 68, No. 1, pp.73-109.
10. Ballantine, J.A. and Stray, S. (1999) 'Information systems and other capital investments: evaluation practices compared', Logistics Information Management, Vol. 12, Nos. 1-2, pp.78-93.
11. Barua, A. and Lee, B. (1997) 'The information technology productivity paradox revisited: a theoretical and empirical investigation in the manufacturing sector', The International Journal of Flexible Manufacturing Systems, Vol. 9, pp.145-166.
12. Bhimani, A. and Bromwich, M. (1992) 'Advanced manufacturing technology and accounting: a renewed alliance', Journal of Computer Integrated Manufacturing Systems, Vol. 5, No. 3, pp.199-206.
13. Blank, L. (1985) 'The changing scene of the economic analysis for evaluation of manufacturing system design and operation', Engineering Economist, Vol. 30, No. 3, pp.227-243.
14. Boaden, R.J. and Dale, B. (1990) 'Justification of computer integrated manufacturing: some insights into the practice', IEEE Transactions on Engineering Management, Vol. 37, No. 4, pp.291-296.
15. Boer, H., Hill, M. and Krabbendam, K. (1990) 'FMS implementation management: promise and performance', International Journal of Operations and Production Management, Vol. 10, No. 1, pp.5-20.
16. Bokhorst, J.A.C., Slomp, J. and Suresh, N.C. (2002) 'An integrated model for part-operation allocation and investments in CNC technology', International Journal of Production Economics, Vol. 75, No. 3, pp.267-285.
17. Boothroyd, G. (1982) 'Economics of assembly systems', Journal of Manufacturing Systems, Vol. 1, No. 1, pp.111-127.
18. Boucher, T.O. and MacStravic, E.L. (1991) 'Multiattribute evaluation within a present value framework and its relation to the analytic hierarchy process', The Engineering Economist, Vol. 37, No. 1, pp.1-32.
19. Boucher, T.O., Gogus, O. and Wicks, E.M. (1997) 'A comparison between two multiattribute decision methodologies used in capital investment decision analysis', The Engineering Economist, Vol.42, No. 3, pp.179-201.
20. Boyer, K.K. and Ward, P.T. (1996) 'A note on plant size and implementation patterns of advanced manufacturing technology', Academy of Management Best Paper Proceedings, August, Cincinnati.
21. Boyer, K.K., Leong, G.K., Ward, P.T. and Krajewski, L.J. (1997) 'Unlocking the potential of advanced manufacturing technologies', Journal of Operations Management, Vol. 15, pp.331-347.
22. Brimson, J.A. (1993) 'Activity product cost', IEEE Engineering Management Review, Vol. 21, No. 1, pp.16-29.
23. Buck, J.R. (1982) 'Risk analysis method can help make firms' investments less of a gamble', Industrial Engineering, November, pp.35-41.
24. Burstein, M.C. and Talbi, M. (1984) 'Economic justification for the introduction of flexible manufacturing technology: traditional procedures versus a dynamic-based approach', Proceeding of the First ORSA/TIMS Conference on FMS, Elsevier Science Publishers, Amsterdam, pp.100-106.
25. Canada, J.R. (1986a) 'Annotated bibliography on justification of computer-integrated manufacturing systems', The Engineering Economist, Vol. 31, No. 2, pp.137-150.
26. Canada, J.R. (1986b) 'Non-traditional method for evaluating CIM opportunities assigns weights to intangible', Industrial Engineering, March, pp.56-61.
27. Canada, J.R. and Sullivan, W.G. (1989) Economic and Multiattribute Evaluation of Advanced Manufacturing Systems, New Jersey: Prentice and Hall.
28. Chadwell-Hatfield, P., Bernard, G., Philips, H. and Allen, W. (1996/ 1997) 'Financial criteria, capital budgeting techniques, and risk analysis of manufacturing firms', Journal of Applied Business Research, Vol. 13, No. 1, pp.95-104.
29. Chan, F.T.S., Chan, M.H., Mak, K.L. and Tang, N.K.H. (1999) 'An integrated approach to investment appraisal for advanced manufacturing technology', International Journal of Human Factors and Ergonomics in Manufacturing, Vol. 9, No. 1, pp.69-86.
30. Chandra, J. and Schall, O.S. (1988) 'Economic justification of flexible manufacturing systems using Leontief input-output models', The Engineering Economist, Vol. 34, No. 1, pp.27-50.
31. Chandra, M.J. and Hannonsky, M.C. (1992) 'Analytical techniques for justification of manufacturing systems', in H.R. Parsaei and A. Mital (Eds). Economic of Advanced Manufacturing Systems, Chapman and Hall, pp.113-125.
32. Chen, F.F. (1996) 'Activity-based approach to justification of advanced factory management systems', Industrial Management and Data Systems, Vol. 96, No. 2, pp.17-24.
33. Chen, F.F. and Adam Jr., E.E. (1991) 'The impact of flexible manufacturing systems on productivity and quality', IEEE Transactions on Engineering Management, Vol. 38, No. 1, pp.33-45.
34. Chiadamrong, N. and O'Brien, C. (1999) 'Decision support tool for justifying alternative manufacturing and production control systems', International Journal of Production Economics, Vol. 60, pp.177-186.
35. Choobineh, F. (1986) 'Justification of flexible manufacturing systems', Proceeding of International Computers in Engineering Conference and Exhibition, pp.269-279.
36. Cooper, A. and Kaplan, R.S. (1988) 'Measure costs right: make the right decisions', Harvard Business Review, September-October, pp.96-105.
37. Cotton, W.D.J. and Schinski, M. (1999) 'Justifying capital expenditures in new technology: a survey', Engineering Economist, Vol. 44, No. 4, p.362.
38. Datta, V., Sambasivarao, K.V., Kodali, R. and Deshmukh, S.G. (1992) 'Multiattribute decision model using the analytic hierarchy process for the justification of manufacturing systems', International Journal of Production Economics, Vol. 28, pp.227-234.
39. Demmel, J.G. and Askin, R.G. (1992) 'A multi-objective decision model for the evaluation of advanced manufacturing system technologies', Journal of Manufacturing Systems, Vol. 11, No. 3, pp.179-194.
40. Demmel, J.G. and Askin, R.G. (1996) 'Multiobjective evaluation of advanced manufacturing system technology investment with risk', IIE Transactions, Vol. 28, pp.249-259.
41. Drury, C. and Tayles, M. (1991) 'Investment appraisal, product costing and performance measurement in an advanced manufacturing environment', Company Accountant, June, pp.10-17.
42. Drury, C. and Tayles, M. (1997) 'The misapplication of capital investment appraisal techniques', Management Decision, Vol. 35, Nos. 1-2.
43. Engwall, R. (1988) 'Investment evaluation methodologies', Cost Management, Spring, pp.40-44.
44. Fine, C.H. and Freund, R.M. (1990) 'Optimal investment in product flexible manufacturing capacity', Management Science, Vol. 36, No. 4, pp.449-466.
45. Finnie, J. (1988) 'The role of financial appraisal in decisions to acquire advanced manufacturing technology', Accounting and Business Research, Vol. 18, No. 70, pp.133-139.
46. Fleischer, G.A. (1982b) 'Techniques for evaluating the economics of material handling investments', Industrial Engineering, March, pp.114-122.
47. Fleischer, G.A. (1982b) 'A generalized methodology for assessing the economic consequences of acquiring robots for repetitive operations', Proceedings of Annual IIE Conference, Georgia, pp.130-139.
48. Fotsch, R.J. (1984) 'Machine tool justification policies: their effect on productivity and profitability', Journal of Manufacturing Systems, Vol. 3, No. 2, pp.169-195.
49. Frazelle, E. (1985) 'Suggested techniques enable multicriteria evaluation of material handling alternatives', Industrial Engineering, February, pp.42-48.
50. Gaimon, C. (1986) 'The strategic decision to acquire flexible technology', in K.E. Stecke and R. Suri (Eds). Proceedings of the Second ORSA/TIMS Conference on Flexible Manufacturing Systems: Operations Research Models and Applications, Elsevier Science, Amsterdam, pp.43-54.
51. Garrett, S.E. (1986) 'Strategy first: a case in FMS justification', in K.E. Stecke and R. Suri (Eds). Proceedings of the Second ORSA/TIMS Conference on FMS; Operations Research Models and Application, Elsevier Science, Amsterdam, pp.17-29.
52. Gerwin, D. (1981) 'Control and evaluation in the innovation process: the case of flexible manufacturing systems', IEEE Transactions on Engineering Management, Vol. EM 28, No. 3, pp.62-70.
53. Gerwin, D. (1982) 'Do's and don'ts of computerized manufacturing', Harvard Business Review, March-April, pp.107-116.
54. Gerwin, D. (1990) Capital Justification and the Value of Flexibility, WPS 90-5, School of Business, Carleton University, Ottawa, Ontario, Canada.
55. Ghosh, B.K. and Wabalicks, R.N. (1991) 'A comparative analysis for the justification of future manufacturing systems', International Journal of Operations and Production Management, Vol. 11, No. 9, pp.4-23.
56. Gil, M.J.A. (1994) 'Capital budgeting and flexible manufacturing', International Journal of Production Economics, Vol. 36, pp.109-128.
57. Gitman, L.J. and Forrester Jr., J.R. (1977) 'A survey of capital budgeting techniques used by major US firms', Financial Management, Fall, pp.66-76.
58. Gold, B. (1976) 'The shaky foundations of capital budgeting', California Management Review, Vol. XIX, No. 2, pp.51-60.
59. Gold, B. (1982) 'CAM sets new rules for production', Harvard Business Review, November-December, pp.84-94.
60. Gold, B. (1983) 'Strengthening managerial approaches to improving technological capabilities', Strategic Management Journal, Vol. 4, pp.209-220.
61. Goldhar, J.D. and Jelink, M. (1983) 'Plan for economies of scope', Harvard Business Review, November-December, pp.141-148.
62. Goldhar, J.D. and Jelink, M. (1985) 'Computer integrated flexible manufacturing: organizational economic and strategic implications', Interfaces, Vol. 15, No. 3, pp.94-105.
63. Gunasekaran, A., Peter, E.D., L., Rahimi, F. and Miele, R. (2001) 'A model for investment justification in information technology projects', International Journal of Information Management, Vol. 21, pp.349-364.
64. Hajek, L., Hynek, K., Janecek, V., Lefley, F. and Wharton, F. (2001) 'Manufacturing investment in the Czeck Republic: an international comparison', Research Memorandum, 26, ISBN. 1 90203 4139.
65. Handfield, R.B. and Pagell, M.D. (1995) 'An analysis of the diffusion of flexible manufacturing systems', International Journal of Production Economics, Vol. 39, No. 3, pp.243-253.
66. Hastings, S. (1996) 'A strategy evaluation model for management', Management Decisions, Vol. 34, No. 1, pp.25-34.
67. Hayes, R. and Gerwin, D. (1982) 'Managing as if tomorrow mattered', Harvard Business Review, May-June, pp.71-79.
68. Hertz, D.B. (1964) 'Risk analysis in capital investment', Harvard Business Review, Vol. 42, No. 1, pp.95-106.
69. Ho, S.S.M. and Pike, R.H. (1998) 'Organizational characteristics influencing the use of risk analysis in strategic capital investments', Engineering Economist, Vol. 43, No. 3, pp.247-267.
70. Hodder, J.E. and Riggs, H.E. (1985) 'Pitfalls in evaluating risky projects', Harvard Business Review, January-February, pp.128-135.
71. Hooey, J., Primrose, P.L. and Leonard, R. (1985) 'The application of investment appraisal to aid the evaluation, and implementation of materials requirements planning system', Proceedings of the Institution of Mechanical Engineers, Vol. 199, No. B (4), pp.241-245.
72. Huang, P. and Ghandforoush, P. (1984) 'Procedures given for evaluating and selecting robots', Industrial Engineering, April, pp.44-48.
73. Hundy, B.B. (1985) 'Problems with the economic justification of FMS', Proceedings of Third International Conference of FMS, London, pp.109-119.
74. Hundy, B.B. and Hamblin, D.J. (1988) 'Risk and assessment of investment in new technology', International Journal of Production Research, Vol. 26, No. 11, pp.1799-1810.
75. Hundy, B.B. and Hamblin, D.J. (1992) 'Risk evaluation of investment in advanced manufacturing technology', in H.R. Parsaei and A. Mital (Eds). Economics of Advanced Manufacturing Systems, Chapman and Hall, pp.225-238.
76. Hutchinson, G.K. (1976) 'Production capacity: CAM vs transfer line', Journal of Industrial Engineering, September, pp.30-35.
77. Hutchinson, G.K. and Holland, J.R. (1982) 'Economic value of flexible automation', Journal of Manufacturing Systems, Vol. 1, No. 2, pp.215-227.
78. Ingersoll Engineers (1982) The FMS Report, London: IFS Publication, p.47.
79. Ioannou, A. and Rathmill, K. (1984) 'Financial justification of industrial robot systems', Proceedings of Autofact-6 Conference, pp.4.12-4.28.
80. Ioannou, G. and Sullivan, W.G. (1999) 'Use of activity-based costing and economic value analysis for the justification of capital investments in automated material handling systems', International Journal of Production Research, Vol. 37, No. 9, pp.2109-2134.
81. Irani, Z., Ezingeard, J.N., Grieve, R.J. and Race, P. (1999) 'Investment justification of information technology in manufacturing', The International Journal of Computer Applications in Technology, Vol. 12, No. 2, pp.10-21.
82. Ito, Y., Ohmi, T. and Shima, Y. (1985) 'An evaluation method of flexible manufacturing system - a concept of flexibility evaluation vector and its application', Proceeding of the 25th International Machine Tool Design and Research, Vol. 25, pp.89-95.
83. Jones, T.C. and Lee, B. (1998) 'Accounting strategy and AMT investment', Omega, International Journal of Management Science, Vol. 26, No. 6, pp.769-783.
84. Kahraman, C., Tolga, E. and Ulukan, Z. (2000) 'Justification of manufacturing technologies using fuzzy benefit/cost ratio analysis', international Journal of Production Economics, Vol. 66, pp.45-52.
85. Kakati, M. and Dhar, U.R. (1991) 'Investment justification in flexible manufacturing systems'. Journal of Engineering Costs and Production Economics, Vol. 21, pp.203-209.
86. Kalu, T.C.U. (1999) 'Capital budgeting under uncertainty: an extended goal programming', International Journal of Production Economics, Vol. 58, No. 3, pp.235-251.
87. Kaplan, R.S. (1983) 'Measuring manufacturing performance: a new challenge for managerial accounting research', The Accounting Review, Vol. LVIII, No. 4, p.686.
88. Kaplan, R.S. (1984) 'Yesterday accounting undermines production', Harvard Business Review, July-August, pp.95-101.
89. Kaplan, R.S. (1986a) 'Accounting lag: the obsolescence of cost accounting systems', California Management Review, Vol. XXVIII, No. 2, pp.174-199.
90. Kaplan, R.S. (1986b) 'Must CIM be justified by faith alone?' Harvard Business Review, March-April, pp.87-95.
91. Karsak, E.E. and Kuzgunkaya, O. (2002) 'A fuzzy multiple objective programming approach for the selection of flexible manufacturing systems', International Journal of Production Economics, Vol. 79, No. 2, pp.100-111.
92. Kassicieh, S.K., Ravinder, H.V. and Yourstone, S.A. (1993) 'Proposed design of a DSS for the justification of advanced manufacturing technologies'. IEEE Transactions on Engineering Management, Vol. 40, No. 4, pp.398-403.
93. Keen, P.G.W. (1981) 'Value analysis: justifying decision support systems', MIS Quarterly, March, Vol. 5, No. 1, pp.1-15.
94. Kester, C.W. (1984) 'Today's option for tomorrow's growth', Harvard Business Review, March-April, pp.153-160.
95. Kim, G., Park, C.S. and Kaiser, M.J. (1997) 'Pricing investment and production activities for an advanced manufacturing systems', Engineering Economist, Vol. 42, No. 4, p.303.
96. Kirton, J.A. (1986) 'Implementing advanced manufacturing the way it is', in C.A. Voss (Ed). Managing Advanced Manufacturing Technology, Proceedings of the UK Operations Management Association Conference, 2-3 January, IFS (Publication) Ltd, UK, pp.57-67.
97. Klahorst, H.T. (1983) 'How to justify multimachine systems', American Machinist, September, pp.67-69.
98. Klammer, T. (1972) 'Empirical evidence of the adoption of sophisticated capital budgeting techniques'. The Journal of Business, July, pp.387-397.
99. Kotha, S. and Swamidass, P.M. (2000) 'Strategy advanced manufacturing technology and performance: empirical evidence from US manufacturing firms', Journal of Operations Management, Vol. 18, pp.257-277.
100. Krinsky, I. and Miltenburg. J. (1991) 'Alternate methods for the justification of advanced manufacturing technologies', International Journal of Production Research, Vol. 29, No. 5, pp.997-1015.
101. Kulatilaka, N. (1984) 'Financial, economic and the strategic issues concerning the decision to invest in advanced automation', International Journal of Production Research, Vol. 22, No. 6, pp.949-968.
102. Kulatilaka, N. (1985) 'Capital budgeting and optimal timing of investments in flexible manufacturing systems', Journal of Annals of Operations Research, Vol. 3, pp.35-57.
103. Kulatilaka, N. (1988) 'Valuing the flexible manufacturing systems', IEEE Transactions of Engineering Management, Vol. 35, No. 4, pp.250-257.
104. Kulkarni, J. and Parsaei, H.R. (1990) 'Economic justification of FMS: a bibliometric analysis of the literature', in H. Parsaei, T.L. Ward and W. Karwoski (Eds). Justification Methods for Computer Integrated Manufacturing Systems: Planning, Design, Justification and Costing, Amsterdam: Elsevier, pp.275-309.
105. Lee, B. (1996) 'The justification and monitoring of advanced manufacturing technology: an empirical study of 21 installations of flexible manufacturing systems', Management Accounting Research, Vol. 7, pp.95-118.
106. Lefley, F. (1994) 'Capital investment appraisal of advanced manufacturing technology', International Journal of Production Research, Vol. 32. No. 12, pp.2751-2776.
107. Lefley, F. (1996) 'Strategic methodologies of investment appraisal of AMT projects: a review and synthesis', Engineering Economist, Vol. 41, No. 4, pp.345-363.
108. Lefley, F. (1997) 'Approaches to risk and uncertainty in the appraisal of new technology capital projects', International Journal of Production Economics, Vol. 53, pp.21-33.
109. Lefley, F. and Morgan, M. (1998) 'A new pragmatic approach to capital investment appraisal: the financial appraisal profile (FAP) model', International Journal of Production Economics, Vol. 55, pp.321-341.
110. Lefley, F. and Sarkis, J. (1997) 'Short-termism and the appraisal of AMT capital projects in the US and UK', International Journal of Production Research, Vol. 35, No. 2, pp.341-368.
111. Libertore, M.J. (1990) Selection and Evaluation of Advanced Manufacturing Technologies, New York: Springer-Verlag.
112. Lotfi, V., Sarkis, J. and Semple, J.H. (1998) 'Economic justification for incremental implementation of advanced manufacturing systems', Journal of the Operational Research Society, Vol. 49, No. 8, p.829.
113. Luong, L.H.S. (1998) 'A decision support system for the selection of computer-integrated manufacturing technologies', Robotics and Computer-Integrated Manufacturing, Vol. 14, No. 1, pp.45-53.
114. MacDonald, I. (1985) 'Modem systems demand fresh look at ROI concepts', Journal of Accountancy, February, pp.136-137.
115. Manohan, G.E. and Smunt, T.L. (1987) 'A multilevel decision support system for the financial justification of automated flexible manufacturing systems', Interfaces, Vol. 17, No. 6, pp.27-40.
116. Mansfield, E. (1993) 'The diffusion of flexible manufacturing systems in Japan, Europe and the United States', Management Science, Vol. 39, No. 2, pp.149-159.
117. Meredith, J. (1987) 'New justification approaches for CIM', CIM Review, Vol. 3, No. 3, pp.37-42.
118. Meredith, J. (1989) 'Management survey on justifying new manufacturing technologies', International Journal of Computer Integrated Manufacturing, Vol. 2, No. 3, pp.164-170.
119. Meredith, J.R. (1986) 'Strategic planning for factory automation by the championing process', IEEE Transactions on Engineering Management, Vol. EM 33, No. 4, pp.229-232.
120. Meredith, J.R. (1987) 'Automating the factory: theory versus practice', International Journal of Production Research, Vol. 25, No. 10, pp.1493-1510.
121. Meredith, J.R. and Hill, M.M. (1987) 'Justifying new manufacturing systems: a managerial approach', Sloan Management Review, Summer, pp.49-61.
122. Meredith, J.R. and Mantel, S.J. (1985) Project Management: A Managerial Approach, New York: John Wiley and Sons.
123. Meredith, J.R. and Suresh, N.C. (1985) 'Justifying multimachine systems: an integrated strategic approach', Journal of Manufacturing Systems, Vol. 4, No. 2, pp.117-134.
124. Meredith, J.R. and Suresh, N.C. (1986) 'Justification techniques for advanced manufacturing technologies', International Journal of Production Research, Vol. 24, No. 5, pp.1043-1057.
125. Meyer, R.J. (1982) 'A cookbook approach to robotics and automation justification', Proceedings of Robots VI Conference, Detroit, March, pp.82-192.
126. Michael, G.J. and Millen, R.A. (1985) 'Economic justification of modem computer-based factory automation equipment: a status report', Annals of Operations Research, Vol. 3, pp.25-34.
127. Mills, R.W. (1988) 'Capital budgeting - the state of the art', Long Range Planning, Vol. 21, No. 4, pp.76-81.
128. Miltenburg, J.G. and Krinsky, I. (1987) 'Evaluating flexible manufacturing systems', IIE Transactions, Vol. 19, No. 2, pp.222-232.
129. Mohanty, R.P. and Deshmukh, S.G. (1998) 'Advanced manufacturing technology selection: a strategic model for learning and evaluation', International Journal of Production Economics, Vol. 55, No. 3, pp.295-307.
130. Mohanty, R.P. and Venkataraman, S. (1993) 'Use of analytic hierarchy process for selecting automated manufacturing systems', International Journal of Operations and Production Management, Vol. 13, No. 8, pp.45-57.
131. Naik, B. and Chakravarty, A.K. (1992) 'Strategic acquisition of new manufacturing technology: a review and research frame work', International Journal of Production Research, Vol. 32, No. 7, pp.1575-1601.
132. Nelson, G.A. (1984) 'Scoring model for flexible manufacturing systems project selection', European Journal of Operational Research, Vol. 24, pp.346-359.
133. Neuhauser, J.J. and Viscione, J.A. (1973) 'How managers feel about advanced capital budgeting methods?' Management Review, pp.16-22.
134. New, C.C. and Myers, A. (1986) 'Managing manufacturing operations in the UK 1975-1985', British Institute of Management.
135. Nobel, D.J. (1988) 'Using simulations as a tool for making financial decision in an uncertain environment', Industrial Engineering, Vol. 20, No. 1, pp.44-48.
136. Ordoobadi, S.M. and Mulvaney, N.J. (2001) 'Development of a justification tool for advanced manufacturing technologies: system-wide benefits value analysis', Journal of Engineering and Technology Management, Vol. 18, pp.157-184.
137. Padmanabhan, S. (1989) 'A tandem expert support system as justification for a flexible manufacturing system', Journal of Manufacturing Systems, Vol. 8, No. 3, pp.195-205.
138. Park, C.S. and Kim, G.T. (1995) 'An economic evaluation model for advanced manufacturing systems using activity-based costs', Journal of Manufacturing Systems, Vol. 14, No. 6, pp.439-451.
139. Park, C.S. and Son, Y.K. (1988) 'An economic evaluation model for advanced manufacturing systems', The Engineering Economist, Vol. 34, No. 1, pp.1-26.
140. Parkinson, S.T. and Avlontis, G.J. (1982) 'Management attitudes to flexible manufacturing systems', Proceedings of the First International Conference on Flexible Manufacturing Systems, London, pp.405-412.
141. Parsaei, H.R. and Mital, A. (1992) Economics of Advanced Manufacturing Systems, Chapman and Hall.
142. Parsaei, H.R. and Wilhelm, M.R. (1989) 'Justification methodology for automated manufacturing technologies', Journal of Computers in Industrial Engineering, Vol. 16, No. 3, pp.363-373.
143. Parsaei, H.R., Ward, T.L. and Karwoski, W. (1990) Justification Methods for Computer Integrated Manufacturing Systems: Planning, Design, Justification and Costing, Amsterdam: Elsevier.
144. Pearson, G. (1986) 'The strategic discount-protecting new business projects against DCF', Long Range Planning, Vol. 19, No. 1, pp.18-24.
145. Perrone, G. (1994) 'Fuzzy multiple criteria decision model for the evaluation of AMS', Computer Integrated Manufacturing Systems, Vol. 7, No. 4, pp.228-239.
146. Pike, R. (1989) 'Do sophisticated capital budgeting approaches improve investment decision-making effectiveness', Engineering Economist, Vol. 34, No. 2, pp.149-171.
147. Pike, R., Sharp, J. and Price, D. (1989) 'AMT investment in the larger U.K. firm', International Journal of Operations and Production Management, Vol. 9, No. 2, pp.13-26.
148. Presley, A., Sarkis, J. and Liles, D. (1997) 'A multicriteria justification methodology', Engineering Valuation and Cost Analysis, Vol. 1, No.2, pp.111-123.
149. Primrose, P.L. (1985) 'Evaluating the intangible benefits of flexible manufacturing systems by use of discounted cash flow algorithms within comprehensive computer programme', Proceedings of the Institution of Mechanics, Vol. 199, No. B1. pp.23-28.
150. Primrose, P.L. (1988) 'The effect of AMT investment on costing systems', Cost Management, pp.27-30.
151. Primrose, P.L. (1991) Investment in Manufacturing Technology, Chapman and Hall.
152. Primrose, P.L. and Leonard, R. (1984a) 'Conditions under which flexible manufacturing in financially viable', Proceedings of the Third International, Conference on Flexible Manufacturing Systems, London: IFS Publication. UK, pp.121-132.
153. Primrose, P.L. and Leonard, R. (1984b) 'Incorporating the "intangible" benefits of robots within a comprehensive financial evaluation', International Mechanical E Conference, UK, Robotics Research, December, London: Mechanical Engineering Publications, pp.115-120.
154. Primrose, P.L. and Leonard, R. (1984c) 'Optimizing the financial advantages of using CNC machine tools by use of an integrated suite of programs', Proceedings of institution of Mechanical Engineers, Part B, Vol. 198, No. 10, pp.147-151.
155. Primrose, P.L. and Leonard, R. (1984d) 'The development and application of a computer based appraisal techniques for the structured evaluation of machine tool purchases', Proceedings of the Institution of Mechanical Engineers, Part-B, Vol. 198 B10, pp.141-146.
156. Primrose, P.L. and Leonard, R. (1984e) 'The practical application of discounted cash flow to plant purchase using an integrated suite of computer programs', Accounting and Business Research, Winter, pp.27-31.
157. Primrose, P.L. and Leonard, R. (1985) 'The use of a conceptual model to evaluate financially flexible manufacturing system projects', Proceedings of the Institution of Mechanical Engineers, Vol. 199, No. B1, pp.15-21.
158. Primrose, P.L. and Leonard, R. (1986) 'The financial evaluation of economic application of advanced manufacturing technology', Proceedings of the Institution of Mechanical Engineers, Vol. 200, No. B1, pp.27-31.
159. Primrose, P.L. and Leonard, R. (1991) 'Selecting technology for investment in flexible manufacturing', The International Journal of Flexible Manufacturing Systems, Vol. 4, pp.51-77.
160. Primrose, P.L., Greamer, G.D. and Leonard, R. (1985) 'Identifying and quantifying the "Company wide" benefits of CAD within the structure of a comprehensive investment program', Computer Aided Design, Vol. 17, No. 1, pp.3-8.
161. Primrose, P.L., Hoey, J. and Leonard, R. (1985) 'A methodology for incorporating the "Company wide" benefit of materials requirements planning within a discounted cash flow investment analysis', Proceedings of the Institution of Mechanical Engineers, Vol. 199, No. B, pp.235-240.
162. Primrose, P.L., Leonard, R. and Petty, D.J. (1985) 'Optimizing the financial advantages of CNC in a "One-off" batch manufacturing company', International Journal of Production Research, Vol. 123, No. 6, pp.1089-1100.
163. Proctor, M.D. and Canada, J.R. (1992) 'Past and present methods of manufacturing investment evaluation: a review of the empirical and theoretical literature', The Engineering Economist, Vol. 38, No. 1, pp.45-58.
164. Pruett, G.C. and Park, S.C. (1992) 'The economic justification of the sequential adoption of a new manufacturing system', Journal of Manufacturing Systems, Vol. 11, No. 1, pp.38-49.
165. Punniyamoorthy, M. and Vijaya Ragavan, P. (2003) 'A strategic decision model for the justification of technology selection', International Journal of Advanced Manufacturing Technology, Vol. 21, pp.72-78.
166. Putrus, R. (1990) 'Accounting for intangibles in CIM justification', CIM Review, Winter, 23-29.
167. Raafat, F. (2002) 'A comprehensive bibliography on justification of advanced manufacturing systems', International Journal of Production Economics, Vol. 79, pp.197-208.
168. Ramchandran, J. (1986) 'Postindustrial manufacturing', Harvard Business Review, November-December, pp.69-76.
169. Randhawa, S.U. and West, T.M. (1992a) 'Evaluating automated manufacturing technologies: Part I - concepts and literature review', Computer Integrated Manufacturing Systems, Vol. 5, No. 3, pp.208-218.
170. Randhawa, S.U. and West, T.M. (1992b) 'Evaluating automated manufacturing technologies Part-II a-methodology for evaluation', Journal of Computer-Integrated Manufacturing Systems, Vol. 5, No. 4, pp.276-282.
171. Ranta, J. and Tchijov, I. (1990) 'Economics and success factors of flexible manufacturing systems: the conventional explanation revisited', The International Journal of Flexible Manufacturing System, Vol. 2, pp.169-190.
172. Remer, D.S., Stokdyk, S.C. and Driel, M.V. (1993) 'Survey of project evaluation techniques currently used in industry', International Journal of Production Economics, Vol. 32, pp.103-115.
173. Saaty, T.L. (1980) The Analytical Hierarchy Process, New York: McGraw-Hill.
174. Sambasivarao, K.V. and Deshmukh, S.G. (1995) 'Selection and implementation of advanced manufacturing technologies: classification and literature review of issues', International Journal of Operations and Production, Vol. 15, No. 10, p.43.
175. Sandahl, G. and Sjogren, S. (2003) 'Capital budgeting methods among Sweden's largest groups of companies - the state of the art and a comparison with earlier studies', International Journal of Production Economics, Vol. 84, No. 1. pp.51-69.
176. Sangster, A. (1993) 'Capital investment appraisal techniques: a survey of current usage', Journal of Business Finance and Accounting, Vol. 20, No. 3, pp.307-332.
177. Schniederjans, M.J. and Hamaker, J.L. (2003) 'A new strategic information technology investment model', Management Decision, Vol. 41, Nos. 1-2, pp.8-17.
178. Segelod, E. (2000) 'A comparison of managers' perception of short-termism in Sweden and the US', International Journal of Production Economics, Vol. 63, pp.243-254.
179. Senker, P. (1984) 'Implications of CAD/CAM for management', Omega, International Journal of Management Science, Vol. 12, No.3, pp.225-231.
180. Shaw, M.J., Seidmann, A. and Whinston, A.B. (1997) 'Information technology for automated manufacturing enterprises: recent developments and current research issues', The International Journal of Flexible Manufacturing Systems, Vol. 9, pp.115-120.
181. Shields, M.D., Chow, C.W., Kato, Y. and Nakegawa, Y. (1991) 'Management accounting practices in the US and Japan: comparative survey findings and research implications', Journal of International Financial Management and Accounting, Vol. 3, No. 1, pp.61-77.
182. Skeddle, R.W. (1973) 'Major capital decisions and technological change', Omega, Vol. 1, No. 5, pp.551-564.
183. Skinner, W. (1985) Manufacturing the Formidable Competitive Weapon, London: Wiley.
184. Slagmulder, R. and Bruggeman, W. (1992) 'Investment justification of flexible manufacturing technologies: inferences from field research', International Journal of Operations and Production Management, Vol. 12, Nos. 7-8, pp.168-186.
185. Small, M.H. and Chen, I.J. (1995) 'Investment justification of advanced manufacturing technology: an empirical analysis', Journal of Engineering and Technology Management, Vol. 12, pp.27-55.
186. Small, M.H. and Chen, I.J. (1997) 'Economic and strategic justification of AMT inferences from industrial practices', International Journal of Production Economics, Vol. 49, pp.65-75.
187. Sohal, A.S. and Chung, W.W.C. (1998) 'Activity based costing in manufacturing: two case studies on implementation', International Journal of Integrated Manufacturing Systems, Vol. 9, No. 3, pp.137-147.
188. Son, Y.K. (1991a) 'A cost estimation model for advanced manufacturing systems', International Journal of Production Research, Vol. 29, No. 3, pp.441-452.
189. Son, Y.K. (1991b) 'A decision support system for factory automation: a case study', International Journal of Production Research, Vol. 29, No. 7, pp.1461-1473.
190. Son. Y.K. (1992) 'A comprehensive bibliography on justification of advanced manufacturing technologies', The Engineering Economist, Vol. 38, No. 1, pp.59-71.
191. Srinivasan, V. and Millen, R.A. (1986) 'Evaluating flexible manufacturing systems as a strategic investment', in K.E. Stecke and R. Suri (Eds). Proceedings of the Second ORSA/TIMS, Conference on Flexible Manufacturing Systems: Operations Research Models and Applications, Amsterdam: Elsevier Science, pp.83-93.
192. Stam, A. and Kulla, M. (1991) 'Selecting a flexible manufacturing system using multiple criteria analysis', International Journal of Production Research, Vol. 29, No. 4, pp.803-820.
193. Stuart, O. (2002) 'A comparison of AMT strategies in the USA, South Africa, and Germany', International Journal of Manufacturing Technology and Management, Vol. 4, No. 6, pp.441-453.
194. Sullivian, W. (1984) 'Replacement decision in high technology industries - where are those models when you need them?' Annual International Industrial Engineering Conference Proceeding, pp.119-128.
195. Sullivian, W.G. (1986) 'Models IEs can use to include strategic, non-monetary factors in automation decision', Industrial Engineering, March, pp.42-50.
196. Sullivian, W.G. and Orr, G.R. (1982) 'Monte Carlo simulation analyzes alternatives in uncertain economy', Industrial Engineering, November, pp.43-49.
197. Suresh, N.C. (1990) 'Towards an integrated evaluation of flexible automation', International Journal of Production Research, Vol. 28, No. 9, pp.1657-1672.
198. Suresh, N.C. (1991) 'An extended multi-objective replacement model for flexible automation investments', International Journal of Production Research, Vol. 29, No. 9, pp.1823-1844.
199. Suresh, N.C. and Meredith, J.R. (1984) 'A generic approach to justifying flexible manufacturing systems', Proceedings of the First ORSA/TIMS Conference on FMS, Ann Arbor, MI, pp.36-42.
200. Swamidass, P. (1987) 'Planning for manufacturing technology', Long Range Planning, Vol. 20, No. 5, pp.125-133.
201. Swamidass, P.M. and Waller, M.A. (1990) 'A classification of approaches to planning and justifying new manufacturing technologies', Journal of Manufacturing Systems, Vol. 9, No. 3, pp.181-193.
202. Swann, K. (1988a) 'Investment in AMT a wider perspective', Production Engineer, September, pp.50-53.
203. Swann, K. (1988b) 'Investment in AMT a review', Production Engineer, October, pp.53-57.
204. Tombari, H.A. (1978a) 'Is it worth the risk? Weighing capital investments', Production Engineering, June, pp.25-30.
205. Tombari, H.A. (1978b) 'To buy or not to buy? Weighing capital investments', Production Engineering, March, pp.50-53.
206. Troxler, J.W. and Blank, L. (1989) 'A comprehensive methodology for manufacturing system evaluation and comparison', Journal of Manufacturing Systems, Vol. 8, No. 3, pp.175-183.
207. Troxler, J.W. and Blank, L. (1990) 'Decision support for value analysis of integrated manufacturing technology', in H.R. Parsaei, T.L. Ward and W. Karwowski (Eds). Justification Methods for Computer Integrated Manufacturing Systems, Planning, Design Justification and Cost, Elsevier Science Ltd., pp.193-202.
208. Troxler, J.W. and Schilling, P.L. (1993) 'Another look at uncertainty and risk management when evaluating manufacturing technologies', Journal of Computer Integrated Manufacturing System, Vol. 6, No. 4, pp.229-234.
209. Usher, J.S., Kamal, A.H. and Kim, S.W. (2001) 'A decision support system for economic justification of material handling investments', Computers and Industrial Engineering, Vol. 39, Nos. 1-2, pp.35-47.
210. Van- Mieghem, J.A. (1998) 'Investment strategies for flexible resources', Management Science, Vol. 44, No. 8, pp.1071-1078.
211. Venk, S. (1990) 'Strategic optimization cycle as a competitive tool for economic justification of advanced manufacturing systems', Journal of Manufacturing Systems, Vol. 9, No. 3, pp.194-205.
212. Wabalicks, R.N. (1988) 'Justification of FMS with the analytic hierarchy process', Journal of Manufacturing Systems, Vol. 7, No. 3. pp.175-182.
213. Walker, R.G. (1961) 'The judgement factor in investment decisions', Harvard Business Review, Vol. 39, No. 2, pp. 93-99.
214. Wallace, W.J. and Thuesen, G.J. (1987) 'Annotated bibliography on investment in flexible automation', The Engineering Economist, Vol. 32, No. 3, pp.247-257.
215. Ward, J., Taylor, P. and Bond, P. (1996) 'Evaluation and realisation of IS/IT benefits: an empirical study of current practice', European Journal of Information Systems, Vol. 4, pp.214-225.
216. Ward, T.L. (1990) 'Role of champions in justification of computer integrated manufacturing systems', in H.R. Parsaei, T.L. Ward and W. Karwoski (Eds). Justification Methods for Computer Integrated Manufacturing Systems: Planning, Design Justification and Costing, Amsterdam: Elsevier, pp.123-131.
217. Warnecke, H.J. and Vetting, J. (1982) 'Technical investment planning of flexible manufacturing systems-the application of practice oriented methods', Journal of Manufacturing System, Vol. 1, No. 1, pp.89-98.
218. Wheelwright, S.C. (1978) 'Reflecting corporate strategy in manufacturing decisions', Business Horizons, February, p.57.
219. Wilkes, F.M., Samuels, J.M. and Greenfield, S.M. (1996) 'Investment decision making in UK manufacturing industry', Management Decision, Vol. 34, No. 4, p.62.