BES 118 Assignment 1 - Midterm In which of the following situations would engineering economics analysis play a strong role, and why? e) Deciding when to replace old equipment with new equipment of the same type Engineering Economics helps engineers to decide when to replace old equipment with new equipment of the same type without money loss. Engineering economics is relevant to the design engineer who considers material selection. The engineer must decide well through the help of engineering economics. As the design and manufacturing process become more complex, the engineer is making decisions that involve money more than ever before. The competent and successful engineer at present must have an improved understanding of the principles of economics. The engineering economics is concerned the systematic evaluation of the benefits and costs of projects involving engineering design and analysis. i) Deciding how much to budget for research and development programs Budgeting for research and development programs also requires strong role in Engineering Economics. Engineering economics quantifies the benefits and costs associating with engineering projects to determine if they save enough money to warrant their capital investments. Engineering economics requires the application of engineering design and analysis principles to provide goods and services that satisfy the consumer at an affordable cost. For each of the following situations, describe what you think you should do. In each case, would you do this? Explain your answer. a) A fellow student, who is a friend, is copying assignments and submitting them as his own work. I will report my friend not because he/she copied my assignments but because he/she submitted my assignment as his/her own work. It is an insult for me because even he/she is my friend, he/she has no right to own my work. b) A fellow student, who is not a friend, is copying assignments and submitting them as her own work. I will report that student because he/she copied my assignments and because he/she submitted my assignment as his/her own work. It is an insult for me because first and for most we’re not even close, besides, he/she has no right to own my work. c) A fellow student, who is your only competitor for an important academic award, is copying assignments and submitting them as his own work. I will not allow it. First, he/she is my only competitor, how come that he/she is copying my assignment and submitting them as his/her own work? On the other hand, I’ll report him/her immediately so that I’ll own the academic award. Be practical, besides, he/she doesn’t deserve it. d) A friend wants to hire you to write an essay for school for her. You are dead broke and the pay is excellent. I’ll accept the offer but I am not the one who will write it. There are so many websites there that enables me to write perfect essays. There are so many paraphrasing tools I can use. My only effort is to arrange the ideas comprehensively. Easy money. e) A friend wants to hire you to write an essay for school for him. You have lots of money but the pay is excellent. Still, I’ll accept the offer. Even though I have lots of money already, I want more since my money can’t last forever and every day, I am using so much money for my needs and wants. Besides, writing an essay is not a huge problem anymore so I am not the one who will write it. There are so many websites there that enables me to write perfect essays. There are so many paraphrasing tools I can use. My only effort is to arrange the ideas comprehensively. Easy money. f) A friend wants to hire you to write an essay for school for her. You have lots of money and the pay is poor. Yes, I will still accept it. Even the pay is good or bad still that’s money and it’s useful. Besides, I am not the one who will write it. There are so many websites there that enables me to write perfect essays. There are so many paraphrasing tools I can use. My only effort is to arrange the ideas comprehensively. Easy money. g) Your car was in an accident. The insurance adjuster says that the car was totaled and that they will give you only the Blue Book value for it as scrap. They will pick up the car in a week. A friend points out that in the meantime you could sell the almost new tires and replace them with bald ones from the scrap yard, and perhaps sell some other parts, too. When a car has been totaled the insurer must then compensate you for the determined value of the vehicle prior to the accident. They won't replace your car, or guarantee that the vehicle's pre-accident value will be enough to purchase a replacement. You cannot, in most situations, keep the wreck to sell or use for parts. By accepting a settlement payment you are agreeing that the insurer will take possession of the totaled car, which they will then sell to a scrap yard or repair and put back on the market as a salvage titled vehicle. With this, I’ll accept my friend’s suggestion to sell the almost new tires together with other parts and replace them with bad ones from the scarp yard. h) The CD player from your car has been stolen. The insurance adjuster asks you how much it was worth. It was a very cheap one of poor quality. Insurance companies offer two primary choices for the valuation of property: Actual Cash Value and Replacement Cost. Replacement Cost means that your stolen property will be replaced with an item of the same type and quality, and Actual Cost Value means that you will pay an amount equal to the original cost of the item minus a depreciation amount based on the age and wear of the item. Since it is an actual cost value and the insurance adjuster asks me how it was worth. I will worth it more than the cheap and poor quality of CD player. i) The engineer you work for has told you that the meter measuring effluent discharged from a production process exaggerates and that the measured value must be halved for recordkeeping. j) The engineer you work for has told you that part of your job is to make up realistic looking figures reporting effluent discharged from a production process. k) You observe unmetered and apparently unreported effluent discharged from a production process. l) An engineer where you work is copying directly from a manufacturer’s brochure machine-tool specifications to be included in a purchase request. These specifications limit the possible purchase to the particular one specified. m) An engineer where you work is copying directly from a manufacturer’s brochure machine-tool specifications to be included in a purchase request. These specifications limit the possible purchase to the particular one specified. You know that the engineer’s best friend is the salesman for that manufacturer.
