ONE OF THE KEY IMPEDIMENTS TO CAPITAL INVESTMENT IN MANUFACTURING IS THE APPROACH TO FINANCIAL JUSTIFICATION. THE THEORY OF DISCOUNTED CASH FLOW IS CORRECT; THE DIFFICULTY IS IN THE WAY IT IS APPLIED. COMPANIES NEED TO DEVELOP A COMPREHENSIVE PLAN FOR THEIR MANUFACTURING FACILITIES. THE PLAN NEEDS TO RECOGNIZE HOW IMPROVED MANUFACTURING CAPABILITIES WILL INCREASE THEIR ABILITY TO COMPETE. THIS REQUIRES EXAMINATION OF NOT ONLY THE HARD DATA SUCH AS LABOR SAVINGS BUT ALSO THE INTANGIBLES. IMPROVED QUALITY, DELIVERY, AND FLEXIBILITY CAN IMPROVE OUR POSITION IN THE MARKETPLACE, BUT THIS INFORMATION MUST BE INCLUDED IN OUR DECISION-MAKING PROCESS TO MAKE THE MOST INFORMED CHOICE ABOUT FUTURE TECHNOLOGY REQUIREMENTS.