Applied Economics in US Manufacturing
A tool that estimates the costs that US manufacturers face and can be used to help gauge the potential returns on manufacturing industry research projects through cost reductions. The tool can be used to answer questions such as:
This tool makes simulation simple. It is used to implement Monte Carlo analysis, which uses probabilistic sensitivity analysis to account for uncertainty. This tool is developed to follow the simulation segment of ASTM E1369.
CATS is a software tool for comparing capital investments in manufacturing and implements a forthcoming ASTM standard. It can be used to examine whether a new HVAC control system is cost effective or which of five proposed investments is the most preferred. Although CATS can be used to identify the most cost-effective investment, it has the ability to incorporate environmental impact into its assessment.