science

New manufacturing economy

New manufacturing economy is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand New manufacturing economy rather than just read about it. In short: The new manufacturing economy (NME) describes the role of advanced manufacturing in the rise of the New Economy. The term describes manufacturing enabled by digital technologies, advanced systems and processes and a highly trained and knowledgeable workforce.

Key takeaways

New manufacturing economy belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect New manufacturing economy to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of New manufacturing economy from memory before moving on to harder problems.

Reference excerpt

The new manufacturing economy (NME) describes the role of advanced manufacturing in the rise of the New Economy. The term describes manufacturing enabled by digital technologies, advanced systems and processes and a highly trained and knowledgeable workforce. The new manufacturing economy integrates networks, 3D printers and other proficiencies into business strategies to further develop manufacturing practices. Thomas Friedman references Lawrence F. Katz that hubs of "universities, high-tech manufacturers, software/service providers and highly nimble start-ups" are a needed economic development strategy. This is very similar to NME thoughts even though that exact term is not used.

The Pillars of the new manufacturing economy

Technology Focus on geographic expansion, information technology and internet commerce are on the rise for industrial manufacturing companies according to the PricewaterhouseCoopers Q4 2010 Manufacturing Barometer. Such conditions compel companies to incorporate new technologies into business plans and to concentrate on the application of open-source product development in the creation of physical goods as a form of competitive advantage. New technologies influence various industries to emphasize innovation as a business tool . Advanced manufacturing is feasible due to continuous improvement investments and modernization of the workforce, technologies and supply chains in order to increase global competitiveness, environmental sustainability and product customization to meet consumer expectations.

Workforce Incorporating modern CNC equipment in new manufacturing processes requires trained employees with specific skills than were previously required in heavy industry. Past manufacturing job consisted largely of physical labor and worker's need to meet assembly line requirements, but in response to technological evolution they are becoming tech-savvy and information-centric with a focus on creativity and resourcefulness.

Strategy The new manufacturing economy is centered around "niche" businesses who satisfy the needs of small consumer markets by offering what customers want, when they want it. The primary foundation of this strategy is selling less of more. Adopting the efficiencies of digital and Web-based technologies into current business strategies is an emerging trend in manufacturing practices.

Industries Advanced technology in the manufacturing marketplace has led to growth in areas such as software development and biotechnology and to emphasis on numerous industries such as:

Liquid and biofuels Solar energy Renewable resources Environmental sustainability Pharmaceutical manufacturing Logistics

Related terms Smart manufacturing New Economy Manufacturing intelligence The Long Tail

References

External links Dexigner.com – Chris Anderson to Discuss New Manufacturing Economy, February 2010 talk. In the Next Industrial Revolution, Atoms Are the New Bits - Wired, Chris Anderson, January 25, 2010. Manufacturing Solutions Center

Worked examples

Example 1 — a first encounter with New manufacturing economy

Start with the simplest possible case. Write down what New manufacturing economy claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to New manufacturing economy before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about New manufacturing economy ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of New manufacturing economy

In research: New manufacturing economy appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses New manufacturing economy in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: New manufacturing economy is common in secondary-school and first-year university syllabi. It links to neighbouring topics Economies by field, Knowledge economy, Manufacturing, so understanding it makes those chapters shorter.
In everyday life: Look for New manufacturing economy outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

Ask Teacher Smith questions about this articleOpens your AI tutor with a question about “New manufacturing economy” →

Affiliate

Preply — study more efficiently by working with a personal tutor. 50% off.

How to study New manufacturing economy in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what New manufacturing economy means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain New manufacturing economy out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is New manufacturing economy in simple terms?

Why does New manufacturing economy matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study New manufacturing economy?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on New manufacturing economy.