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Engineering Economy

Sullivian W.G, Wicks E.M and Koelling C.P (2012)

Mohamad Sirin, R (2007) Blank, L.T, A.Tarquin (2012)


Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Chapter 1:
Introduction to Engineering Economy

1-2 Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling

Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Engineering economy
involves the systematic evaluation of the economic merits of proposed solutions to engineering problems.

Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling

Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Why Engineering Economy is Important to Engineers


Engineers design and create Designing involves economic decisions Engineers must be able to incorporate economic analysis into their creative efforts Often engineers must select and implement from multiple alternatives Understanding and applying time value of money, economic equivalence, and cost estimation are vital for engineers A proper economic analysis for selection and execution is a fundamental task of engineering
1-4 Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling
Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Engineering economic analysis can play a role in many types of situations.


Choosing the best design for a high-efficiency gas furnace. Selecting the most suitable robot for a welding operation on an automotive assembly line. Making a recommendation about whether jet airplanes for an overnight delivery service should be purchased or leased. Determining the optimal staffing plan for a computer help desk.
Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

There are seven fundamental principles of engineering economy.


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
Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Engineering Economy
Engineering Economy involves
Formulating Estimating, and Evaluating expected economic outcomes of alternatives designed to accomplish a defined purpose

Easy-to-use math techniques simplify the evaluation Estimates of economic outcomes can be deterministic or stochastic in nature
1-7 Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling
Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Electronic spreadsheets are a powerful addition to the analysis arsenal.


Most engineering economy problems can be formulated and solved using a spreadsheet. Large problems can be quickly solved. Proper formulation allows key parameters to be changed. Graphical output is easily generated.
Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

General Steps for Decision Making Processes


Understand the problem define objectives Collect relevant information Define the set of feasible alternatives Identify the criteria for decision making Evaluate the alternatives and apply sensitivity analysis 6. Select the best alternative 7. Implement the alternative and monitor results 1. 2. 3. 4. 5.
1-9 Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling
Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Steps in an Engineering Economy Study

1-10 Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling

Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

Quiz 1
Find one (1) problem issues related on construction activities. Solve the problem follows the decision making process.

Engineering Economy, Fifteenth Edition By William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling

Copyright 2012 by Pearson Education, Inc. Upper Saddle River, New Jersey 07458 All rights reserved.

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