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Engineering economics .pptx

  2. What is Engineering??
  3. Engineering Engineering is the discipline, profession and technology of applying scientific practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes.
  4. Hence, Engineering is the practical application of science and math to solve problems, and it is everywhere in the world around you. Engineering technologies improve the ways that we communicate, work, travel, stay healthy, and entertain ourselves.
  5. What is Economics??
  6. Economics Especially relevant study to financial considerations… Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
  7.  Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways.
  8.  Ever wonder why food costs rise when gas prices spike?  Ever wonder why you can’t get a good interest rate on your savings account?  Most simply, economics is the study of making choices.…
  9. So what is Engineering Economics?
  10. Engineering Economics Engineering economics is the application of economic techniques to the evaluation of design and engineering alternatives. The role of engineering economics is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint.
  11. Why we study Engineering Economics
  12. It is used to answer many different questions Which engineering projects are worthwhile? Which engineering projects should have a higher priority? How should the engineering project be designed?
  13. Classification of Problems •Simple Problems •Intermediate Problems •Complex Problems
  14. Engineering economic analysis is used ,when problems meet these three criteria  The problem is important enough to justify our giving it serious thought and effort.  A careful analysis requires that we organize the problem and all the various consequences, and this is just too much to be done all at once.  The problem has economic aspects important in reaching a decision.
  15. 9 Elements of the Decision Making  Recognize the problem.  Define the goal or objective  Assemble relevant data  Identify feasible alternatives  Select the criterion for choosing the best alternative  Choose a model  Predict the outcomes for each alternative.  Choose the best alternative.  Audit the results.
  16. Flow Chart of the Decision Making Process