Advanced Manufacturing System Technologies (AMST) are difficult to evaluate using ordinary financial measures due to the presence of risk and significant intangible factors. Important strategic and tactical advantages of the AMST are undervalued and risk is incorporated into the decisions in a manner that penalizes investment. This approach may also ignore the erosion of competitiveness experienced by do-nothing decisions. This paper proposes a methodology that quantifies financial, strategic, and tactical attributes of each alternative into a single investment decision model with risk, using multiobjective techniques. Based upon work supported in part by the National Science Foundation under Grant No. DMC 85-44993. Appreciation is also given to the Advanced Education Program at Hughes Aircraft Company.