Micro-Engineering Research in the Production Environment

The advance of science and technology influences the modern economy in countless ways. Older industries must adapt to changes in the marketplace, while new industries are born by applying new technology to meet consumer needs. In light of declining head grades and increased unit costs in the US minerals industry, new technological developments in the production environment are paramount to maintaining a competitive footing in the international marketplace. Micro-engineering research provides the transition between the knowledge base and the application of new technology on the production level. Economic considerations The primary goal of technical development in the production environment is to reduce unit operating costs. Simply stated, this is accomplished by improving operating efficiencies and productivities on the production level. The goal of micro-engineering research in the production environment is to evaluate promising technologies and develop the criteria necessary to apply them in operations. As such, this process is the first step toward innovation and discovery. Generally, the micro-engineering research is followed by macro-engineering development. In the production environment, there are generally more development projects than can be accomplished in a timely manner. Usually, this is the result of financial and human resource limitations. Consequently, it is necessary to prioritize the work such that the most beneficial projects are accomplished first. By performing a discounted cash flow analysis and using benefit-cost ratios (for non-mutually exclusive alter¬natives) or net present value criteria (for mutually exclusive alternatives), the projects can be rated from best to worst. In this way, the financial and human resources can be best allocated to first complete those projects giving the highest returns before moving on to other activities. Moreover, this information is a prerequisite for management to justify additional financial or human resources.