We Have Witnessed Many Developments in Automation in the Past

question 14

Essay

We have witnessed many developments in automation in the past century and automation is becoming a part of many domains of life. An area in which automation has come to play a key role is in manufacturing. Discuss the advantages and disadvantages of automation in the workplace. Also consider if it is realistic to think that in the near future we will have fully automated workplaces?

---

Definitions:

Net Annual Cash Inflow

The difference between all cash received and all cash expended by a business in one year.

Net Present Value

The difference between the present value of cash inflows and the present value of cash outflows over a period of time, used in capital budgeting to analyze the profitability of an investment.

Rate of Return

A measure of the gain or loss generated on an investment relative to the amount of money invested.

Cost Savings

Reductions in expenses achieved through methods such as process improvements, layoffs, or procurement strategies, enhancing a company's profitability.