5 edition of Engineering economics found in the catalog.
Bibliography: p. 581-582.Includes index.
|The Physical Object|
|Pagination||xvi, 64 p. :|
|Number of Pages||51|
|2||McGraw-Hill series in industrial engineering and management science|
nodata File Size: 1MB.
There are numerous examples of engineering systems that have physical design but little economic worth i. Sunk Cost : It cannot be recovered or altered by future actions. There are a great number of cost analysis formulas, each for particular situations and are warranted by the policies of the company in question, or the preferences of the engineer at hand.
ROLE OF UNCERTAINTY IN ENGINEERING When conducting engineering economic analyses, it will be assumed at first, for simplicity, that benefits, costs, and physical quantities will be known with a high degree of confidence. Manufacturing operations Engineering economics use linear programming to help mitigate costs and maximize profits or production.
" This definition almost Engineering economics explains capital and its general relation to engineering, though some special cases may not lend themselves to such a concise explanation.
Specifically, CFD illustrates the size, sign, and timing of individual cash flows, and forms the basis for engineering economic analysis• CS1 maint: multiple names: authors list. Requirements for the preparation of papers are provided on the journal web site:. Engineering product markets and demand influences; and• A much more applicable example is one with a certain piece of equipment that will yield benefit for a manufacturing operation over a certain period of time. Determination of means engineering proposals This step involves discovering what means exist to alter strategic factors in order to overcome limiting factors.
It can be fully defined by the statement; ". Depreciation and Valuation [ ] The fact that assets and material in the real world eventually wear down, and thence break, is a situation that must be accounted for. Incremental or Marginal Cost Engineering economics Incremental or marginal cost is the additional expense that will be incurred from increased output in one or more system units i.
It is used Engineering economics answer many different questions — Which engineering projects are worthwhile? The journal is committed to ensuring ethics in publication and quality of articles. Rate of Return Analysis 24• Engineering economics, previously known as engineering economy, is a subset of concerned with the use and ".
Future Value of a Loan With Compound Interest• Design for the economy of maintenance• Most situations faced by managers in regards to depreciation can be solved using any of these formulas, however, company policy or preference of individual may affect the choice of model.
It is better to show two or more cash flows occurring in the same year individually so that there is a clear connection from the problem statement to each cash flow in the diagram 8• The person s so charged, however, may not be sufficiently knowledgeable about the technical aspects of a proposal to determine its relevant worth compared to other means.
Each project is described as cash receipts or disbursements expenses at different points in time 5• The utility in this case is considered objectively.
The competent and successful engineer at present must have an improved understanding of the principles of economics.