Abstract
Cranes’ operations are extremely risky and hazardous tasks, as demonstrated in various surveys in the field of incidents’ causes and effects. The most frequent cause of unsafe crane operation task execution is human error. Accordingly, innovation which enables cranes’ safe operations, prevents “blind lifts” and helps crane operator to avoid potential error is urgent. Project SPRINCE has proposed computer-aided Visual Guidance System as a real time solution aimed to prevent crane accidents, caused by obstructed view. This paper analyses the economic feasibility of Visual Guidance System application in various scenarios in aim to connect human, technology and organization issues through cost-benefit framework. There are two proposed investment scenarios analysed: A) Producing and selling of crane cabins with real-time computer-aided Visual Guidance System and B) Usage (purchase) of crane cabins with real-time computer-aided Visual Guidance System. The economic appraisal has proved that the total economic benefit in both scenarios in the complete utilization period is several times higher than the buying price, while the internal rate of return is few times higher than the aggregate rate of interest paid. Also, the amount of time which takes to recover the cost of an investment is less than four years. Moreover, both scenarios belong to the category of innovation projects with very low risk.
Highlights
Cranes’ operations are extremely risky and hazardous tasks, as demonstrated in various surveys in the field of incidents’ causes and effects
Those facts indicate that there is a real need for the innovation that contains smart crane navigation system – visual guidance system (VGS)
The volume of initial investment is a sensitive component of the project in that relatively small changes in the value of those assets significantly shift the net present value or the internal rate of return, but since the investment funds are already provided and the project plan defines their volume, it does not make much sense to calculate the probability that these funds are, to that extent, realized
Summary
The economic FeAsibiliTy oF crAne cAbins wiTh reAl-Time compuTer-Aided VisuAl GuidAnce sysTem nikola dondura, Vesna spasojević brkića*, Aleksandar brkićband martina perišića aFaculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, Belgrade, Serbia bInnovation Center, Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, Serbia (Received 18 November 2019; accepted 18 December 2019)
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