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The Estimation of Economic Service Life on Manufacturing Equipments Which It Follows in Technological Obsolescence  

Cho, Jin-Hyung (Division of Industrial Engineering, Kumoh National Institute of Technology)
Oh, Hyun-Seung (Department of Industrial Engineering and Management, Hannam University)
Lim, Taek (Division of Industrial Engineering, Kumoh National Institute of Technology)
Jung, Su-Il (Division of Industrial Engineering, Kumoh National Institute of Technology)
Lee, Jung-Youp (Division of Industrial Engineering, Kumoh National Institute of Technology)
Kim, Byung-Keug (Division of Industrial Engineering, Kumoh National Institute of Technology)
Publication Information
Journal of Korean Society of Industrial and Systems Engineering / v.34, no.1, 2011 , pp. 74-79 More about this Journal
Abstract
Engineering valuation is a specialized discipline requiring expert knowledge and judgment, which scientifically estimates the economic value of industrial properties. By industrial properties, we mean engineering structures such as mines, factories, buildings, machines, and other industrial facilities as well as facilities of public enterprises. Particular industrial properties can have longer economic life if their performance is excellent and they are still suitable for current manufacturing needs. If not, its economic life will be shorter. As speed of technological progress becomes rapid, life-cycle and development period of a product is becoming shorter. In an industry characterized by rapid development of technology, industrial properties can become obsolescent faster. Even if they are in good working order, they could be no longer suitable for manufacturing new products based on radically different technology. In our research, we apply engineering approach to estimating functional economic life by factoring in technological obsolescence in such an industry.
Keywords
Average Service Life; Technological Obsolescence; Valuation;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
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