13,407 research outputs found

    Data-driven through-life costing to support product lifecycle management solutions in innovative product development

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    Innovative product usually refers to product that comprises of creativity and new ideas. In the development of such a new product, there is often a lack of historical knowledge and data available to be used to perform cost estimation accurately. This is due to the fact that traditional cost estimation methods are used to predict costs only after a product model has been built, and not at an early design stage when there is little data and information available. In light of this, original equipment manufacturers are also facing critical challenges of becoming globally competitive and increasing demands from customer for continuous innovation. To alleviate these situations this research has identified a new approach to cost modelling with the inclusion of product lifecycle management solutions to address innovative product development.The aim of this paper, therefore, is to discuss methods of developing an extended-enterprise data-driven through-life cost estimating method for innovative product development

    A Survey on Economic-driven Evaluations of Information Technology

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    The economic-driven evaluation of information technology (IT) has become an important instrument in the management of IT projects. Numerous approaches have been developed to quantify the costs of an IT investment and its assumed profit, to evaluate its impact on business process performance, and to analyze the role of IT regarding the achievement of enterprise objectives. This paper discusses approaches for evaluating IT from an economic-driven perspective. Our comparison is based on a framework distinguishing between classification criteria and evaluation criteria. The former allow for the categorization of evaluation approaches based on their similarities and differences. The latter, by contrast, represent attributes that allow to evaluate the discussed approaches. Finally, we give an example of a typical economic-driven IT evaluation

    Discrete Event Simulation Modelling for Dynamic Decision Making in Biopharmaceutical Manufacturing

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    With the increase in demand for biopharmaceutical products, industries have realised the need to scale up their manufacturing from laboratory-based processes to financially viable production processes. In this context, biopharmaceutical manufacturers are increasingly using simulation-based approaches to gain transparency of their current production system and to assist with designing improved systems. This paper discusses the application of Discrete Event Simulation (DES) and its ability to model the various scenarios for dynamic decision making in biopharmaceutical manufacturing sector. This paper further illustrates a methodology used to develop a simulation model for a biopharmaceutical company, which is considering several capital investments to improve its manufacturing processes. A simulation model for a subset of manufacturing activities was developed that facilitated ‘what-if’ scenario planning for a proposed process alternative. The simulation model of the proposed manufacturing process has shown significant improvement over the current process in terms of throughout time reduction, better resource utilisation, operating cost reduction, reduced bottlenecks etc. This visibility of the existing and proposed production system assisted the company in identifying the potential capital and efficiency gains from the investments therefore demonstrating that DES can be an effective tool for making more informed decisions. Furthermore, the paper also discusses the utilisation of DES models to develop a number of bespoke productivity improvement tools for the company

    A through-life costing methodology for use in product-service-systems

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    Availability-based contracts which provide customers with the use of assets such as machines, ships, aircraft platforms or subsystems like engines and avionics are increasingly offered as an alternative to the purchase of an asset and separate support contracts. The cost of servicing a durable product can be addressed by Through-life Costing (TLC). Providers of advanced services are now concerned with the cost of delivering outcomes that meet customer requirements using combinations of assets and activities via a Product Service System (PSS). This paper addresses the question: To what extent are the current approaches to TLC methodologically appropriate for costing the provision of advanced services, particularly availability, through a PSS? A novel methodology for TLC is outlined addressing the challenges of PSS cost assessment with regard to 'what?' (cost object), 'why/to what extent?' (scope and boundaries), and 'how?' (computations). The research provides clarity for those seeking to cost availability in a performance-orientated contractual setting and provides insight to the measures that may be associated with it. In particular, a reductionist approach that focuses on one cost object at a time is not appropriate for a PSS. Costing an advanced service delivered through a PSS is a problem of attributing the value of means to the economic activities carried out for specific ends to be achieved. Cost results from the interplay between monetary and non-monetary metrics, and uncertainties thereof. Whilst seeking to ensure generality of the findings, the application of TLC examined here is limited to a military aircraft platform and subsystems. © 2014 Elsevier B.V. All rights reserved

    Green Activity Based Management (ABM) for Organisations

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    Green Activity Based Management (ABM) is a bottom-up approach for environmentally sustainable business process management. This approach extends Activity Based Costing (ABC) and Critical Path Method (CPM) principles for the purpose of capturing, measuring, modelling and reporting Greenhouse Gas (GHG) emissions. The Green ABM not only looks at GHG emissions but also considers cost and time as well. Thus, this provides a holistic picture of these inter-dependent dimensions to the organizational manager for decision making. Furthermore, this research shows that Green ABM can be used to minimise the costs associated with the timing of activities while keeping other business objectives in consideration

    Business process modeling and simulation

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    The textbook provides the essentials of the Business Process (BP) Modeling and Simulation (M&S) from the verbal BP description to the formulation of the mathematical scheme of the model and the simulation program. Both the analytical modeling and the simulation approaches to BP M&S are considered. Special attention is given to the theoretical and practical aspects of the BP M&S. The text covers the following topics: fundamentals of the BP M&S, conceptual modeling using IDEF3 standard, cost metrics and the activity based costing, analytical modeling (queuing networks, linear and dynamic programming), simulation with GPSS, timed Petri Nets, and Crystal Ball toolkits. Case studies include BP simulations with BPwin and GPSS. The intended readers are senior graduate students and junior postgraduate students of computer science and industrial management

    A framework for integrating syntax, semantics and pragmatics for computer-aided professional practice: With application of costing in construction industry

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    Producing a bill of quantity is a knowledge-based, dynamic and collaborative process, and evolves with variances and current evidence. However, within the context of information system practice in BIM, knowledge of cost estimation has not been represented, nor has it been integrated into the processes based on BIM. This paper intends to establish an innovative means of taking data from the BIM linked to a project, and using it to create the necessary items for a bill of quantity that will enable cost estimation to be undertaken for the project. Our framework is founded upon the belief that three components are necessary to gain a full awareness of the domain which is being computerised; the information type which is to be assessed for compatibility (syntax), the definition for the pricing domain (semantics), and the precise implementation environment for the standards being taken into account (pragmatics). In order to achieve this, a prototype is created that allows a cost item for the bill of quantity to be spontaneously generated, by means of the semantic web ontology and a forward chain algorithm. Within this paper, ‘cost items’ signify the elements included in a bill of quantity, including details of their description, quantity and price. As a means of authenticating the process being developed, the authors of this work effectively implemented it in the production of cost items. In addition, the items created were contrasted with those produced by specialists. For this reason, this innovative framework introduces the possibility of a new means of applying semantic web ontology and forward chain algorithm to construction professional practice resulting in automatic cost estimation. These key outcomes demonstrate that, decoupling the professional practice into three key components of syntax, semantics and pragmatics can provide tangible benefits to domain use
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