Abstract
Capital equipment purchasing models require the consideration of several important factors that include both financial and non-financial measures. The traditional methods utilized for capital equipment purchasing decisions primarily consider cost-related factors and do not allow for the incorporation of other important measures that characterize the benefits derived from these systems. While the application of multifactor models and advanced mathematical programming techniques has received significant attention in this area, several of these existing methods also have limitations. The paper presents the application of a recently developed multicriteria technique referred to as the single price system model for optimal decisions in capital equipment purchasing. The technique has several distinct advantages over existing methods. The model application is demonstrated through a previously published dataset of flexible manufacturing technologies. The results provide interesting insights relating to negotiating and purchasing manufacturing technologies.
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