More Exact Approaches to Modernization and Renewal of the Manufacturing Base

Globalized development strategies in industry are currently focused on developing intelligent manufacturing concepts called Industry 4.0. Companies around the world will be forced to adopt this concept, especially in terms of maintaining competitiveness. One of the most serious obstacles of developing the concept of intelligent production is physical and moral obsolescence of the manufacturing base in general. Despite the fact that companies have historically renewed their manufacturing base, automated and robotized manufacturing processes and systems, nowadays highly current question of determining the form and timing of further modernization and renewal of the manufacturing base for intelligent production purposes. The authors present a model to determine optimal time to start upgrading and renewing the production base based on formulating and comparing costs of means of production throughout their lifecycle, including consideration of their moral obsolescence.