Engineering Economy
Publication Date
2025
Description
"A succinct job description for an engineer consists of two words: problem solver. Broadly speaking, engineers use knowledge to find new ways of doing things economically. Engineering design solutions do not exist in a vacuum but within the context of a business opportunity. Given that every problem has multiple solutions, the issue is, How does one rationally select the design with the most favorable economic result? The answer to this question can also be put forth in two words: engineering economy. Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions. Just as engineers model the stress on a support column, or the thermodynamic response of a steam turbine, they must also model the economic impact of their recommendations. Engineering economy-what is it, and why is it important? The initial reaction of many engineering students to these questions is, "Money matters will be handled by someone else. They are not something I need to worry about." In reality, any engineering project must be not only physically realizable but also economically affordable. This book is about how to make smart economic choices. Understanding and applying economic principles to engineering have never been more important"-- $c Provided by publisher.
ISBN
9780138096823
Keywords
Engineering Economy, Industrial Engineering, Systems Engineering, Management
Disciplines
Engineering | Industrial Engineering | Operational Research | Other Operations Research, Systems Engineering and Industrial Engineering | Systems Engineering
Publisher
Pearson
City
Hoboken, New Jersey
Department
Analytics & Operations Management
Files
Recommended Citation
Sullivan, William; Wicks, Elin; and Wilck, Joseph, "Engineering Economy" (2025). Faculty Books. 149.
https://digitalcommons.bucknell.edu/books/149
