By Paul G. Friedmann
Overlaying the commercial points of automation and approach regulate, this newly revised 2d version expands on how the instruments of monetary and monetary research should be utilized to automation tasks, in particular these serious about non-stop procedures. New sections were further to increase program of financial and fiscal research to manage of discontinuous techniques, together with batch and discrete elements production. a brand new word list has additionally been further to aid outline monetary phrases.
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Extra resources for Automation and control systems economics
A control improvement project usually reduces operating costs of the process and often reduces operating costs of the control system. If the project includes replacement of equipment that has reached the end of its useful life, maintenance savings can be considerable. The installation of “smart” equipment with self-calibrating and self-tuning features can also save time and money. In some cases, new control equipment will increase maintenance expenses. , chromatographs, spectrometers) requires considerable attention, especially in the first year or two after installation.
Eq. (6-6) cannot be solved explicitly for r, so finding IRR is a trial-and-error procedure. Those projects with an IRR greater than a specified target rate should be approved. Example 6-3: The cash flows for Example 6-2, shown in Fig. 6-1, can also be used to calculate NPV and IRR. If a pretax cost of capital of 15% is assumed, NPV can be calculated from Eq. 15)9 = $56,081 IRR must be greater than 15%, since NPV is positive at that rate of return. A rate of 30% produces a negative NPV of -10,009, so IRR must be less than 30%, but closer to 30% than 15%.
Control System Hardware and Software The pricing of control system hardware and software will usually require vendor quotes. If the project is an addition to an existing system, prices of additional inputs, outputs, control units, or operator consoles should be readily available from the original supplier. A complete system should be quoted by multiple vendors, based on a functional specification. The specification does not have to be enormously detailed. Among the essentials are input and output lists, operator interface requirements, and scan and control timing.
Automation and control systems economics by Paul G. Friedmann