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New cost model for feasibility analysis of utilising special purpose machine tools

Author

Listed:
  • Ana Vafadar
  • Majid Tolouei-Rad
  • Kevin Hayward

Abstract

Special purpose machine tools (SPMs) have been widely used to perform drilling-related operations in high volume production including within automotive component industries. The first step in designing and manufacturing a SPM is a feasibility analysis. Since SPMs have relatively higher investment cost than other machine tools, this task must be performed before any investment on the preparation of detailed design. The present paper explores an economic feasibility analysis strategy which aims to make logical decision by assessing the strengths and limitations of an SPM in comparison with other machine tools. The mathematical product cost model for SPMs is proposed for estimating important economic factors and then financial indicators are calculated to evaluate the SPM’s economic performance. A case study is used to examine the proposed model and results are compared with other machine tools. The proposed model provides a decision support approach for selecting an SPM for manufacturing a given part from an economic perspective.

Suggested Citation

  • Ana Vafadar & Majid Tolouei-Rad & Kevin Hayward, 2016. "New cost model for feasibility analysis of utilising special purpose machine tools," International Journal of Production Research, Taylor & Francis Journals, vol. 54(24), pages 7330-7344, December.
    • Handle: RePEc:taf:tprsxx:v:54:y:2016:i:24:p:7330-7344
    DOI: 10.1080/00207543.2016.1181283
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