With the move towards automated, high technology manufacturing systems, the traditional financial and project management techniques have become ineffective. Many companies are not achieving the results they expected from automation. The primary problems that have been encountered include incomplete and unrealistic benefit-cost estimates and the high hurdle rates that are required for high cost, high risk investments. This paper presents various models and methodologies that have been developed to enhance traditional economic techniques with the inclusion of non-monetary, intangible factors in the decision making process.
