Economics management assignment help online: Advantages & Disadvantages of development

Q.1.) Argue how this area of innovation will develop in the next 5-10 years and what will be the advantages/disadvantages of this development. (15%)Lam et al. (2002) said that 3 D Printing/AM (Additive manufacturing) techniques build products in a layer by layer method ie:- by adding layers rather than subtracting them. How this technique will bring about innovation in the next 15-20 years can be deduced by the following:-

• Printable products can be produced faster without building up their inventories
• Beer, Dimitrov ,Schreve (2006) said that there is absence of retooling with  customization and the absence of additional costs.
• Globalization of products
• Reducing global economic imbalance
• Use of less global energy and the reduction of environmental pollutants
• Reduced need for manual labour
• Newer innovations in the design and manufacture of products, for example, in order to produce layers, by using laser technology like the use of Ultraviolet    technology.
• Use of the latest 3d printing technology in desktop computers
• AM would be advantageous in the manufacturing weapons, bombs etc. in order to combat terrorism activities
• Use of the technique of Nanotechnology in AM can be used for improvements in the mechanical properties of the final products.
• Custom Orthodontics-AM is useful in the field of orthodontics by creation of braces for many patients globally. This is done by using Steolitography, which is used for creating moulds from the 3d scan of the patients dental Impressions. In these molds, an FDA approved polymer is inserted to create braces.
• Hearing Aids-The technique of laser sintering in AM is used for creating custom hearing aids. By using the 3 D scan technology.

The various advantages of this technology are the following:-The additive method of this technology has the capability to produce various kinds of designs that cannot be produced by any other technology.

• This technique can be used in various kinds of industries like automotive, aerospace etc.
• Creation of new parts without assembling them in order to save production cost and time as well
• Reduction of waste and due to presence of recycling of end-use products like metals and plastics
• Creation of complex shapes that cannot be created by any other technique
• Creation of lightweight materials by using nature based materials like wood, bone etc.
• Creation of parts from a standardized digital file (SDL) can also be achieved, which is a three dimensional model. This method reduces human effort and cost and is very accurate compared to other methods
• Nanotechnology along with AM technique is also useful for decreasing the temperature of products, improving products density and reducing distortion of products. Fabricated products also benefit from this technology due to improved electrical conductivities.
• It is very clear that Hutmacher (2000) said that Bone tissue engineering is possible by using the technique of AM with Nanotechnology, because when such materials are implanted into the cells of the human body, they have the ability to regenerate cells, this helps in assisting organ transplant activities.

The limitations of this technology are as follows:-Use of Intellectual property rights and parts piracy

• This technique is uncertain and varies for different products
• Sometimes the size of the printer is less than what is needed to produce a   product.
• Incapability of the technology to produce certain products and resolutions of products

Q.2.) Discuss how this area innovation will affect/transform an industry using the technology chosen. (10%)

The AM technology is different in the way each product is created .One method on   which this technique operates, is the method of ‘fused filament fabrication.’ In this  method, a wax material is fused through a heated nozzle in order to create cross  sections of the materials. Filament feedstock is feeded by the liquefier into a nozzle to create a substrate of the 3 dimensional shapes. This technique operates on a 3D mechanism and builds products in a layer by layer method ie:- by adding layers rather than subtracting them. This technique of AM will bring about innovation in the industry in the future in various fields can be deduced by the following:-

• The production of printable products can be produced faster which can be produced faster without building up their inventories. Other advantages of this technique are the absence of retooling with customization and the absence of additional costs. This leads to the globalization of products and reduction of the global economic imbalance the other advantages of this technique is the use of less global energy, the reduction of environmental pollutants, reduced need for manual labour. Newer innovations in the design and manufacture of products are also obtained for example, in order to produce layers, by using laser technology like the use of Ultraviolet technology, and the use of the latest 3d printing technology in desktop computer. The additive method of this technology has the capability to produce various kinds of designs that cannot be produced by any other technology.

• This technique can be used in various kinds of industries like automotive, aerospace   etc. AM has the ability to Create complex shapes that cannot be created by any other technique. Creation of parts from a standardized digital file (SDL) which is a three dimensional model is also done by using AM. This method reduces human effort and cost and is very accurate as well.

• AM is useful in the field of orthodontics by creation of braces for many patients globally. This is done by using Steolitography, which is used for creating moulds from the 3d scan of the patients dental Impressions. In these molds, an FDA approved polymer is inserted to create braces.
• The technique of laser sintering in AM is used for creating custom hearing aids by   using the 3 D scan technology.

Q.3.) How will the new technology impact a given business, industry sector or a specific product range? (10%)

This new technology has significant impacts in many fields like aerospace, automotive, nanotechnology or in cell biology. These impacts are as listed below:-

• Technology– In the field of technology, AM has the ability to produce printable products which can be produced faster without building up their inventories. Other advantages of this technique are the absence of retooling with customization and the absence of additional costs. This leads to the globalization of products and reduction of the global economic imbalance. The other advantages of this technique are the use of less global energy, the reduction of environmental pollutants, reduced need for manual labour. Newer innovations in the design and manufacture of products are also obtained for example, in order to produce layers, by using laser technology like the use of Ultraviolet technology, and the use of the latest 3d printing technology in desktop Computers.

• Nanotechnology -Use of the technique of Nanotechnology in AM can be used for improvements in the mechanical properties of the final products. Nanotechnology along with AM technique is also useful for decreasing the temperature of products, improving products density and reducing distortion of products. Fabricated products also benefit from this technology due to improved electrical conductivities. Mironov et al. (2003) quoted that Bone tissue engineering is possible by using the technique of AM with Nanotechnology, because when such materials are implanted into the cells of the human body, they have the ability to regenerate cells, this helps in assisting organ transplant activities.

• National Security-AM -It would be advantageous in the manufacturing weapons, bombs etc. in order to combat terrorism activities and assist in the national security of the country.

• Automotive Engineering – Buswell et al. (22007) said that the technique of AM is   useful in the field of automotive engineering for the mass production of vehicles.  Various formula 1 cars have been created with the use of laser technology used in AM.

• Aerospace – Bak (2003) quoted that this method is used for the development of manufacturing parts of aircrafts by using the environmental control system.

• Custom Orthodontics-AM is useful in the field of orthodontics by creation of braces for many patients globally. This is done by using Steolitography, which is used for creating moulds from the 3d scan of the patients dental Impressions. In these molds, an FDA approved polymer is inserted to create braces.
• Hearing Aids -The technique of laser sintering in AM is used for creating custom hearing aids by using the 3 D scan technology. The AM technology is different in the way each product is created .One method on which this technique operates, is the method of ‘fused filament fabrication.’ In this method, a wax material is fused through a heated nozzle in order to create cross sections of the materials. Filament feedstock is feeded by the liquefier into a nozzle to create a substrate of the 3 dimensional shapes.

Q. 4.) Evaluate key criteria you would be looking for within a business plan for your chosen area of innovation. Compare and contrast using SWOT analysis or another technique the key business points of the innovation. (15%)My chosen area of innovation will be in the field of manufacturing Printable materials.  The key criterion that I will be looking for is the SWOT analysis which will give me an opportunity to materialize my business plan.

Swot Analysis

Strengths — AM has the ability to produce printable products which can be produced  faster without building up their inventories. Other advantages of this technique are the absence of retooling with customization and the absence of additional costs. Hiller, Lipson (2010) said that this leads to the globalization of products and reduction of the global economic imbalance. The other advantages of this technique are the use of less global energy, the reduction of environmental pollutants, reduced need for manual labour.

Use of the technique of Nanotechnology in AM can be used for improvements in the mechanical properties of the final products. Nantechnology along with AM technique is also useful for decreasing the temperature of products, improving products density and reducing distortion of products. Fabricated products also benefit from this technology due to improved electrical conductivities. The AM technology is different in the way each product is created .One method on which this technique operates, is the method of ‘fused filament fabrication. ’In this method, a wax material is fused through a heated nozzle in order to create cross sections of the materials. Filament feedstock is feeded by the liquefier into a nozzle to create a substrate of the 3 dimensional shapes.

Weaknesses -The limitations of this technology are as follows:-

• Use of Intellectual property rights and parts piracy
• This technique is uncertain and varies for different products
• Sometimes the size of the printer is less than what is needed to produce a product.
• Incapability of the technology to produce certain products and resolutions of   products

Opportunities – Newer innovations in the design and manufacture of products, are also obtained by using this technique for example, in order to produce layers, by using laser technology like the use of Ultraviolet technology, and the use of the latest 3d printing technology in desktop computers. Rooks (2002) quoted that the use of this technology will shift the focus from more labour intensive work and will also increase the economic benefits, by increasing the health benefits. United States would become a market leader in the manufactured goods, by producing desirable and marketable products. Europe and other countries in the OECD (Organization of economic and developing countries) will also benefit from this technology. This will improve the economy of these countries and will reduce their dependence on manufactured products from countries like China. AM technology will bring about a creation of a new industry ie:- the industry of printers and hence will also create new professions for people. A growing consumer base might be achieved ranging from individual printers, to manufacturing centres or governmental agencies being set up. This might also increase the distribution of printer cartridges, which is a major industry and will increase the country’s economy.

Threats – Economic imbalance may also be caused by the use of this technology  because countries having a more superior technology than the country using AM  technology, these countries will use own printing facilities and hence, will reduce the  movement of goods from any outside countries. AM technology produces change in trends in certain countries and this may affect the environment causing degradation,  and may cause resource scarcity and changes in the climate.

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