Project Cost Control in Industry 4.0

Abstract

During this fourth industrial revolution, the fundamental purpose of industrial transformations is to carry competitive edge of the companies to an upper level by increasing efficiency and effectiveness of sources and decreasing the operational costs. Therefore, the companies need to invest in the right project in the right time in order to provide a competitive edge against their competitors and to gain a desired level of profit. The aim of the project cost analysis is, in the simplest terms, to calculate optimal project costs and to consider if there is any difference between the planned budget and the optimal cost; and in case of a difference, to take necessary actions. The purpose of this chapter is, as a result of principles and conceptual framework of Industry 4.0, to describe how adaptive robotics, artificial intelligence, big data, augmented reality, additive manufacturing, internet of things, cloud computing and cyber security technologies, which are building blocks of Industry 4.0, changed the project cost analysis.