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In this paper, in order to evaluate manufacturing investment alternatives, two effective performance measures, i.e. manufacturing economic value added (M-EVA) and manufacturing market value added (M-MVA) are proposed and discussed. Their effectiveness is examined through their application to a case study, which tackles a large-scale investment problem of advanced manufacturing system (AMS), and obtained result clarified that proposed measures together with simulative evaluation method provide quantitative instrument for rational decision-making for advanced manufacturing system investment in the era of IT-oriented business environment, where the right timely decisions are critical.