Review Assignment \#1 An industrial engineer is studying the efficiency of an existing manufacturing process. One of the metrics of efficiency is process cost. The current process method requires 15 minutes to complete. Based on data from past years, it is expected that the process can be completed 10,000 times in a year. Following an analysis of the manufacturing process, the engineer assigns the following costs. a.) What is the Present Worth (PW) of the costs associated with using the current process? Consider: (i) the cost associated with paying three employees, (ii) the cost associated with emissions, and (iii) the cost associated with energy input. [4] (3SF) Use a 10 -year planning period with 5% annual interest rate. Pay attention to units. Determine the total ANNUAL cost, and then convert to Present Worth. One of options to improve process efficiency is to remove and replace the existing equipment (at a present-day cost of $450.000, with $10,000 maintenance costs each year starting at the end of Year 1). This will reduce the processing time to 9 minutes, and only requires two employees present. Since the process takes less time, it can be completed 12,000 times in a year. b.) What is the Present Worth (PW) of the costs associated with removing, replacing, and maintaining the equipment? Consider: (i) the cost associated with paying two employees, (ii) the cost associated with emissions, (iii) the cost associated with energy input, (iv) the cost to replace the equipment, and (v) the annual maintenance of the system. [4] (3SF) Use a 10 -year planning period with 5% annual interest rate. Pay attention to units. Determine the total ANNUAL cost, and then convert to Present Worth. c.) Should the engineer recommend keeping the current system, or removing/replacing/maintaining new equipment? Explain why or why not. [2]