1. The problem is to simplify the expression $2^{3} \times 4 \times 2^{-1}$. 2. Recall the rules of exponents: when multiplying powers with the same base, add the exponents: $a^{m} \times a^{n} = a^{m+n}$. 3. First, express 4 as a power of 2: $4 = 2^{2}$. 4. Rewrite the expression using powers of 2: $2^{3} \times 2^{2} \times 2^{-1}$. 5. Apply the exponent addition rule: $2^{3+2+(-1)} = 2^{4}$. 6. Simplify the exponent: $2^{4} = 16$. 7. Therefore, the simplified value of the expression is 16.