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Mizumachi, Tadahiro Korean Institute of Industrial Engineers 2010 Industrial Engineeering & Management Systems Vol.9 No.2
In today's uncertain economic environment, economic risk is inherent in making large investments on manufacturing facilities. It is, therefore, practically meaningful to divide investment over multiple periods, reducing the risk of investment. Then, the cash-flow over the entire planning horizon would comprise positive inflow and negative outflow. In this case, in general, evaluation by internal rate of return (IRR) is not feasible, because multiple IRRs are involved. This paper deals with a problem of evaluating profitability, as well as risk, of investment alternatives made in multiple times of investment over the entire horizon. Typically, an additional investment is required after the initial one, for expanding manufacturing capacity or other reasons. The paper pays attention to a unit cash-flow over two periods, decomposing the total cash-flow into a series of unit cash-flow patterns. It is easy to evaluate profitability of a unit cash-flow by using IRR. The total cash-flow can be decomposed into the series of two types of unit cash-flows: an investment type one (negative-positive) and the borrowing type one (positive-negative). This paper, therefore, proposes a method in which only the borrowing type unit cash-flow is eliminated in the series by converting total cash-flow using capital interest rate. Then, a unique IRR can be obtained and the profitability is evaluated. Thus, the paper extends the method of IRR so that it may help decision making in complicated cash-flow pattern observed in practice.
Tadahiro Mizumachi 대한산업공학회 2010 Industrial Engineeering & Management Systems Vol.9 No.2
In today"s uncertain economic environment, economic risk is inherent in making large investments on manufacturing facilities. It is, therefore, practically meaningful to divide investment over multiple periods, reducing the risk of investment. Then, the cash-flow over the entire planning horizon would comprise positive inflow and negative outflow. In this case, in general, evaluation by internal rate of return (IRR) is not feasible, because multiple IRRs are involved. This paper deals with a problem of evaluating profitability, as well as risk, of investment alternatives made in multiple times of investment over the entire horizon. Typically, an additional investment is required after the initial one, for expanding manufacturing capacity or other reasons. The paper pays attention to a unit cash-flow over two periods, decomposing the total cash-flow into a series of unit cash-flow patterns. It is easy to evaluate profitability of a unit cash-flow by using IRR. The total cash-flow can be decomposed into the series of two types of unit cash-flows: an investment type one (negative-positive) and the borrowing type one (positive-negative). This paper, therefore, proposes a method in which only the borrowing type unit cash-flow is eliminated in the series by converting total cash-flow using capital interest rate. Then, a unique IRR can be obtained and the profitability is evaluated. Thus, the paper extends the method of IRR so that it may help decision making in complicated cash-flow pattern observed in practice.
Rigidity Evaluation under Uncertainties for Multiple Investment Alternatives over Multiple Periods
Kono, Hirokazu,Mizumachi, Tadahiro Korean Institute of Industrial Engineers 2010 Industrial Engineeering & Management Systems Vol.9 No.2
In today's uncertain economic environment, the evaluation of safety for investment alternatives is of practical importance in manufacturing companies. This paper examines a method of quantitatively evaluating profitability and risk for multiple alternatives using the total-cost unit-cost domain. The paper assumes such factors as unit sales price, sales and production volume, unit variable cost, fixed cost, and yield for each alternative. The paper incorporates the relationship between production capacity and demand, distinguishing between cases of production capacity surplus and shortage for each year over the entire planning horizon. The paper investigates the case in which the values of each factor independently move in the direction of decreasing profit each year, and clarifies the procedure of comparing safety among multiple investment alternatives on a single consolidated total-cost unit-cost domain. The difficulty of the problem lies in the method of consolidating multiple total-cost unit-cost domains into a single domain since the combination of years of capacity surplus and shortage depends upon the change values in each factor under consideration. A systematic method of evaluating profitability as well as risk is presented, and the validity of the proposed method is verified using a numerical example.
Rigidity Evaluation under Uncertainties for Multiple Investment Alternatives over Multiple Periods
Hirokazu Kono,Tadahiro Mizumachi 대한산업공학회 2010 Industrial Engineeering & Management Systems Vol.9 No.2
In today"s uncertain economic environment, the evaluation of safety for investment alternatives is of practical importance in manufacturing companies. This paper examines a method of quantitatively evaluating profitability and risk for multiple alternatives using the total-cost unit-cost domain. The paper assumes such factors as unit sales price, sales and production volume, unit variable cost, fixed cost, and yield for each alternative. The paper incorporates the relationship between production capacity and demand, distinguishing between cases of production capacity surplus and shortage for each year over the entire planning horizon. The paper investigates the case in which the values of each factor independently move in the direction of decreasing profit each year, and clarifies the procedure of comparing safety among multiple investment alternatives on a single consolidated total-cost unit-cost domain. The difficulty of the problem lies in the method of consolidating multiple total-cost unit-cost domains into a single domain since the combination of years of capacity surplus and shortage depends upon the change values in each factor under consideration. A systematic method of evaluating profitability as well as risk is presented, and the validity of the proposed method is verified using a numerical example.
Bureenok, S.,Namihira, T.,Tamaki, M.,Mizumachi, S.,Kawamoto, Y.,Nakada, T. Asian Australasian Association of Animal Productio 2005 Animal Bioscience Vol.18 No.6
This experiment examined the characteristics of fermented juice of epiphytic lactic acid bacteria (FJLB) prepared by the addition of glucose, sucrose and molasses as a fermentation substrate. The effect of FJLB on the fermentative quality and changes in chemical composition during fermentation of guineagrass silage were also investigated. The pH value of the silages treated with FJLB rapidly decreased, and reached to the lowest value within 7 days of start of fermentation, as compared to the control. The number of lactic acid bacteria (LAB) in the treated silages increased for the first 3 days, thereafter the number of LAB declined gradually up to the end of the experiment. Silages treated with FJLB had larger populations of LAB than the control. Ammonia-nitrogen production increased throughout the ensiling period, which in the control and no-sugar added FJLB silages were higher than the other treated silages. Lactic acid levels varied with the time of ensiling and among the silage treatments. For any sugar FJLB treated silages, the lactic acid increased initially, and then slightly reduced to less than 50 g/kg of dry matter until 49 days after ensiling, except the silage treated with glucose added FJLB. Nevertheless, lactic acid content of the control decreased constantly from the beginning of ensiling and was not found after 35 days. Moreover, acetic acid content increased throughout the ensiling period. All the FJLB treated silages had significantly (p<0.05) lower pH and ammonia-nitrogen content, while significantly (p<0.05) higher lactic acid content and V-score value compared with the control. This study confirmed that the applying of FJLB with any sugar substrate improved fermentative quality of silage.
A Proposal for Prototype-Free Production Preparation Processes Utilizing 3DCG Animations
Shinji Shinoda,Kazuhiro Shimozawa,Akira Niwa,Takeshi Kawase,Toshiyuki Matsumoto,Tadahiro Mizumachi 대한산업공학회 2009 Industrial Engineeering & Management Systems Vol.8 No.2
As the use of 3DCAD data became widespread in designing products in manufacturing, attempts have been made to shorten lead time and reduce cost of production preparation utilizing 3DCAD data for launching assembly lines. In order to create assembly plans not only efficient but easy for operators to operate (‘easy-tooperate’), this study presents approaches, methods, and systems for creating 3DCGAs (3 Dimensional Computer Graphic Animations) which automatically utilize a prototype-free production preparation methodology. Characteristics of this study include that it proposes the methodology for creating assembly operation 3DCGAs automatically, for all the possible assembly operations corresponding each of the possible assembly sequences first. Using the created 3DCGAs, the study next considers assembly methods by evaluating how easy or ‘operator friendly’ they are in implementing, and devises tools or jigs to be used, and plans efficient assembly line organization. The concept of the methodology was formed by focusing on the value-adding assembly steps at which parts turn into products directly. The study also validates the effectiveness of the presented methodology by employing the methods used in actual production preparation process in businesses, and proves that an efficient assembly line can be organized in a shorter period of time utilizing the developed system and by preparing easy-to-operate and efficient plans in 3DCGAs at the design stage.