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:
An organization is conducting research to reduce redundant engineering labor. How much do manufacturers spend on engineering?
A researcher is proposing a project to reduce the use of steel by advancing material standards, thereby, reducing scrap caused from material deficiencies. How much do manufacturers spend on steel?
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.