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Engineering Economics - Wikipedia, The Free Encyclopedia

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  From Wikipedia, the free encyclopedia Engineering economics , previously known as engineering economy , is a subset of economics for applicationto engineering projects. Engineers seek solutions to problems, and the economic viability of each potentialsolution is normally considered along with the technical aspects.In some U.S. undergraduate engineering curricula, engineering economics is often a required course. It is atopic on the Fundamentals of Engineering examination, and questions might also be asked on the Principles and Practice of Engineering examination; both are part of the Professional Engineering registration process.Considering the time value of money is central to most engineering economic analyses. Cash flows are discounted   using an interest rate, i, except in the most basic economic studies.For each problem, there are usually many possible alternatives . One option that must be considered in eachanalysis, and is often the choice , is the do nothing alternative . The opportunity cost   of making one choice over another must also be considered. There are also non-economic factors to be considered, like color, style, publicimage, etc.; such factors are termed attributes . [1] Costs  as well as revenues  are considered, for each alternative, for an analysis period   that is either a fixed number of years or the estimated life of the project. The salvage value  is often forgotten, but is important, and iseither the net cost or revenue for decommissioning the project.Some other topics that may be addressed in engineering economics are inflation, uncertainty, replacements,depreciation, resource depletion, taxes, tax credits, accounting, cost estimations, or capital financing. All thesetopics are primary skills and knowledge areas in the field of cost engineering.Since engineering is an important part of the manufacturing sector of the economy, engineering industrialeconomics is an important part of industrial or business economics. Major topics in engineering industrialeconomics 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 products. [2] [1](http://books.google.co.uk/books?id=BE1v91Qlj64C&dq=isbn:090632128X)(B/C)Engineering economics formulas Engineering economics - Wikipedia, the free encyclopediahttp://en.wikipedia.org/wiki/Engineering_economics1 of 27/22/2014 7:46 PM  Analysis of resistive circuitsDynamicsThermodynamicsFluid dynamicsHeat transfer Materials scienceStrength of materialsStatics ^    Engineering Economy , 11th Ed., Sullivan, Bontadelli, and Wicks, Prentice-Hall, New York, 20001. ^    Engineering Firms: A Survey Of Factors Affecting Their Growth & Performance , Industrial Systems ResearchPublications, Manchester (UK), 2nd. Revised edition 2003, page 1. ISBN 978-0-906321-28-72. Retrieved from http://en.wikipedia.org/w/index.php?title=Engineering_economics&oldid=611980366 Categories: Cost engineeringBusiness economicsThis page was last modified on 7 June 2014 at 18:45.Text is available under the Creative Commons Attribution-ShareAlike License; additional terms mayapply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Engineering economics - Wikipedia, the free encyclopediahttp://en.wikipedia.org/wiki/Engineering_economics2 of 27/22/2014 7:46 PM
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