TABLE OF CONTENTS Welcome to Automation and Control Systems Economics, 2nd Edition. The first unit of this self-study program provides the information needed to proceed through the course.
Learning Objectives When you have completed this unit, you should:
Understand the general organization of this course.
Know the course objectives.
Know how to proceed through this course.
This book covers the economic aspects of process control. It shows how the tools of economic and financial analysis can be applied to process control projects. Techniques are presented for making reasonable cost and benefit estimates and project evaluations.
The focus of this course is directed toward the multiple steps that are needed to convert a control idea into a realistic project proposal. Benefits must be identified and estimated, costs must be estimated, and the worth of the project must be tested to see whether it has a chance for approval. Where necessary, risks must be factored into the estimates.
This is neither an engineering economy textbook nor a calculation manual. Some calculation procedures are described, but the overall emphasis is on reasonability rather than precision.
The purpose of this book is to provide an understanding of the economics of control. The basic tools of economic analysis are presented, then applied to realistic process control projects and proposals. From these applications a student can see how to use the tools and what factors are likely to have the greatest influence on profitability. A framework is provided for consistent estimation...
