Food-Processing-Plant-Design-layout

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Food Processing Plant Design & layoutThe capacity of the canning department does not need to be considered in this particulardecision, since the other restrictions prevent any possibility of reaching this capacity. At themoment we have more capacity than necessary in this department.80 www.AgriMoon.com
Food Processing Plant Design & layout12.1 IntroductionModule- 6. Food processing enterprise and engineering economicsLesson 12. Engineering economicsEngineering economy is the study of quantitative techniques for the evaluation ofengineering alternatives based upon financial criteria.In production systems engineering, economic choices are required when1. phasing-in of new products and services, and phasing-out of existing products andservices,2. making a choice between alternative production technologies,3. choosing plant location and layout, and4. when deciding about the questions of equipment replacement etc.12.2 Important terms of engineering economy1. Time Value of Money: Time value of money is defined as the time dependent valueof money stemming both from changes in the purchasing power of money (inflationor deflation) and from the real earning potential of alternative investments overtime. The following are reasons why Rs.1000 today is “worth” more than Rs.1000one year from today. 1. Inflation, 2. Risk, and 3. Cost of money2. Inflation: It is the decrease in the purchasing power of a given sum of money withtime due to complex national and international economic factors.3. Interest: It is the money paid for the use of borrowed money. A production concernborrows money from individuals, commercial banks, insurance companies andgovernment, and pays interest on the borrowed money.4. Interest Rate: It is the ratio of the amount of interest paid at the end of a period ortime, usually one year, to the sum of money borrowed at the beginning of thatperiod. The sum borrowed is called the Principal. The interest rate is usuallyexpressed as i percent per annum.5. Compound Interest: If a sum of money is borrowed for more than one period oftime, then in compound interest, the amount of interest payable at the end of anygiven period of time is calculated on the total amount payable at the beginning ofthat period of time. In business, compound interest only is charged.6. Rate of Return: If a production concern invests an amount of money in setting upproduction facilities, then the ratio of the net profit earned by the company at theend of a period of time to the sum invested is called the Rate of Return oninvestment.7. Attractive Rate of Return. This is the minimum rate of return which is used as acriterion by which a concern evaluates alternative investment proposals. An81 www.AgriMoon.com
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