Engineering Economy
GE 301
Engineering economy
AN INTRODUCTION
ECONOMICS
Definition
–
It is one of the social sciences, which consists of that body of knowledge dealing with people and their assets or resources.
ECONOMICS
Resource (Definition)
–
●
It is a material or asset that is transformed to produce benefit, and in the process may be consumed or made unavailable.
Asset (Definition)
–
●
●
It is anything tangible or intangible that is capable of being owned or controlled to produce value.
It is anything that represents value of ownership that can be converted into cash.
ECONOMICS
Definition
–
It is a social science that analyzes the production, distribution and consumption of goods and services. ENGINEERING ECONOMY
Definition
–
It is defined as that branch of
Economics which involves the applications of the laws of
Economics,
theories of investment, and business practices to engineering problems involving cost.
ENGINEERING ECONOMY
Definition
–
It may also be considered as a study of economic theories and their applications to engineering problems with the concept of obtaining maximum benefit at the least cost.
ENGINEERING ECONOMY
Definition
–
It involves the study of cost features and other financial data and their applications in the field of engineering as a basis for decision. ENGINEERING ECONOMY
Definition
–
It is the analysis and evaluation of the factors that will affect the economic success of engineering projects to the end that a recommendation can be made which will insure the best use of capital.
Uses of Engineering Economy
Seeking new objectives for the applications of engineering
Discovery of factors limiting the success of a venture or enterprise
Comparison of alternatives as a basis for decision
Analysis of possible investments of capital Determination of bases for decision
ic m nt
Engineering economy
AN INTRODUCTION
ECONOMICS
Definition
–
It is one of the social sciences, which consists of that body of knowledge dealing with people and their assets or resources.
ECONOMICS
Resource (Definition)
–
●
It is a material or asset that is transformed to produce benefit, and in the process may be consumed or made unavailable.
Asset (Definition)
–
●
●
It is anything tangible or intangible that is capable of being owned or controlled to produce value.
It is anything that represents value of ownership that can be converted into cash.
ECONOMICS
Definition
–
It is a social science that analyzes the production, distribution and consumption of goods and services. ENGINEERING ECONOMY
Definition
–
It is defined as that branch of
Economics which involves the applications of the laws of
Economics,
theories of investment, and business practices to engineering problems involving cost.
ENGINEERING ECONOMY
Definition
–
It may also be considered as a study of economic theories and their applications to engineering problems with the concept of obtaining maximum benefit at the least cost.
ENGINEERING ECONOMY
Definition
–
It involves the study of cost features and other financial data and their applications in the field of engineering as a basis for decision. ENGINEERING ECONOMY
Definition
–
It is the analysis and evaluation of the factors that will affect the economic success of engineering projects to the end that a recommendation can be made which will insure the best use of capital.
Uses of Engineering Economy
Seeking new objectives for the applications of engineering
Discovery of factors limiting the success of a venture or enterprise
Comparison of alternatives as a basis for decision
Analysis of possible investments of capital Determination of bases for decision
ic m nt