2024-09-26T20:53:49+03:00[Europe/Moscow] en true Definition of Engineering, Definition of Economics, Engineering Economics, Systematic Evaluation, Economic Viability, Promotes Organizational Survival, Encourages Innovation, Allows Scrutiny, Essential for Engineers, New Machinery vs. Upgrading, <p>Cost Benefit Analysis for Highways </p>, <p>Life Cycle Cost of Devices -</p>, Develop the Alternatives, Focus on the Differences, Use a Consistent Viewpoint, Use a Common Unit of Measure, Consider All Relevant Criteria, Make Uncertainty Explicit, Revisit Your Decisions, Pyramid Model of Decisions, Use of Models, Pioneers of Engineering Economy flashcards
Intro to engineering econ

Intro to engineering econ

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  • Definition of Engineering
    The application of knowledge in mathematical and natural sciences, gained through study, experience, and practice, to develop economic solutions for the benefit of mankind.
  • Definition of Economics
    A science dealing with the production, consumption, and distribution of goods and services to promote human welfare.
  • Engineering Economics
    The field that merges engineering and economic principles to analyze the economic merits of engineering solutions, ensuring a balance of long-term benefits over costs.
  • Systematic Evaluation
    Engineers perform quantitative analysis to compare alternatives and select the most economical option.
  • Economic Viability
    Engineering solutions must not only solve technical problems but also be economically sustainable, balancing long-term benefits with costs.
  • Promotes Organizational Survival
    Ensures solutions promote organizational survival and well-being.
  • Encourages Innovation
    Encourages the use of creative and innovative technology.
  • Allows Scrutiny
    Allows for the scrutiny and evaluation of potential outcomes.
  • Essential for Engineers
    It is essential for making engineers well-equipped to excel in their roles.
  • New Machinery vs. Upgrading
    A company deciding between buying new machinery or upgrading existing equipment.

  • Cost Benefit Analysis for Highways

    A government agency performing a cost-benefit analysis for a new highway.

  • Life Cycle Cost of Devices -

    A business analyzing the total life-cycle cost of a new electronic device.

  • Develop the Alternatives
    Consider all possible options.
  • Focus on the Differences
    Pay attention to what sets each option apart.
  • Use a Consistent Viewpoint
    Analyze each option from the same perspective.
  • Use a Common Unit of Measure
    Ensure all options are evaluated using comparable metrics.
  • Consider All Relevant Criteria
    Take into account every factor that could affect the decision.
  • Make Uncertainty Explicit
    Acknowledge and plan for any uncertainties in the decision-making process.
  • Revisit Your Decisions
    Be open to re-evaluating decisions as new information becomes available.
  • Pyramid Model of Decisions
    Decisions are often visualized through a pyramid model, moving from broad problem definitions to specific solutions.
  • Use of Models
    Engineers use models to represent problems and their potential solutions, integrating both technical and economic perspectives.
  • Pioneers of Engineering Economy
    Arthur M. Wellington and Eugene Grant are credited with the development of modern engineering economy principles.