GoldSim Featured in Manufacturing Economics Textbook
Redmond, WA (USA) - July 23, 2003 – Several GoldSim models are included in the manufacturing economics textbook “Manufacturing in Real-Time: A Guide for Managers and Engineers in an Age of Smart Machines” by Gian Frontini and Scott Kennedy. The book was published in May 2003 by Butterworth-Heinemann and is available at Amazon.com. The authors created a series of GoldSim models to illustrate key concepts discussed in the book and included the files and the GoldSim Player (a free run-time version of GoldSim) on a CD which is distributed with the book.
The book discusses how smart machines have improved product quality and reliability in the manufacturing industry over the last decade, but the large investments required have had a negative impact on capital employed and on total factor productivity. In other words, the consumers have benefited, but manufacturers have failed to capture the value of the new, better products. Using dynamic simulations, the authors demonstrate that for manufacturing businesses that have already achieved a high level of automation and process control, and who have implemented lean or agile techniques, traditional productivity measures are irrelevant, as cost is the only output that provides a performance indicator for the overall system.