This paper develops a model which can be used to make an economic evaluation of alternative configurations of robots which could be used in the same production system. The model considers the time value of money, the uncertainty of time in technological development and of inflation. The structure of the model allows a high degree of flexibility between significantly different accounting systems. The emphasis is not on producing absolute coat values, but rather on the Production Engineer making the right choice of a system.
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Knott et al. (1982) studied this question.
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