We analyze the renormalon ambiguities that appear in factorization formulas
in PCD. Our analysis contains a simple argument that the ambiguities in th
e short-distance coefficients and operator matrix elements are artifacts of
dimensional-regularization factorization schemes and are absent in cutoff
schemes. We also present a method for computing the renormalon ambiguities
in operator matrix elements and apply it to a computation of the ambiguitie
s in the matrix elements that appear in the NRQCD factorization formulas fo
r the annihilation decays of S-wave quarkonia. Our results, combined with t
hose of Braaten and Chen for the short-distance coefficients, provide an ex
plicit demonstration that the ambiguities cancel in the physical decay rate
s. In addition, we analyze the renormalon ambiguities in the Gremm-Kapustin
relation and in various definitions of the heavy-quark mass. [S0556-2821(9
9)03813-8].