A variety of approaches on performance evaluation modeling have appeared in the technical literature for flexible manufacturing systems(FMS) which can be evaluated only through computer simulation. This study represents a comparative approach for FMS performance evaluation modeling based on reliability, availability and maintainability, and life cycle cost. The methodology proposed in this research includes the following three-step generative approaches. First, a static model to find the initial system configuration is considered under the assumption that the system availability is given as one (failure and maintenance are not considered), and in second step, a stochastic simulation is proposed to serve as a performance evaluation model for FMS with stochastic failure and repair time. In the last step, we developed a simulation modeling using a simulator, FACTOR/AIM to consider a variety of performance factors and dynamic behavior of FMS. Also the applicability and validity of the proposed approaches has been tested and compared through the results of a sample problem using computer programs and procedures developed in each step.