In this presentation,I have stated some of the important topics and concepts of "Economic engineering". which can help an individual to enhance his skills in Economic engineering .
2. Engineering economics is a challenging subject as it requires
some level of technical expertise in engineering.
For economics students solving engineering economics assignments
problems often gets troublesome and they end up either doing
them wrong
or seeking help from companies that charge them exorbitantly high
3. Engineering economics, earlier known as engineering economy
Is a subset of economics for application
to engineering projects. Engineers look
for solutions to problems, and the
feasibility on the economic front of each
possible solution is normally weighed
along with the technical aspects.
In the curriculum of some U.S.
programs, engineering economics is
often a necessary course. It is a topic
dwelling upon the Fundamentals of
Engineering examination, and questions
might also be framed on the Principles
and Practice of Engineering examination;
both are part of the Professional
Engineering registration process.
4. Considering the time value of money is vital to most
engineering economic analyses. Cash flows are discounted
using an interest rate, I except in the most basic economic
studies.
For every problem,
there are generally quite a few possible alternative solutions.
One alternative that must be considered in each analysis, and is
often the adopted choice, is the option of doing nothing.
The opportunity cost of making one choice in preference to
another must also be considered. There are also
noneconomic factors to be considered, like colour, style,
public image, etc.; such factors are termed attributes.
5. Costs as well as revenues are to be considered, for each
option, for an analysis period that is either a fixed number
of years or the projected life of the project. The salvage
value is often forgotten, but is vital, and is either the net
cost or revenue for decommissioning the project.
Some other topics that may be considered in engineering
economics are
inflation
uncertainty
replacements
depreciation
Resource
depletion
6. taxes
tax credits
accounting
cost estimations
or capital financing
All these topics are the most important skills and primary
knowledge areas in the field of cost engineering.
Since engineering is a vital part of the manufacturing sector of
the economy, engineering industrial economics is a pivotal
part of industrial or business economics.
7. Major topics in engineering industrial economics are:
the economics of the management, operation, and growth and profitability of
engineering firms;
macro-level engineering economic trends and issues;
engineering product markets and demand influences; and
the development, marketing, and financing of new engineering technologies and
product.
Benefit to cost ratio (B/C)
8. For more information about
ENGINEERING ECONOMICS
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